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Saxo Bank completes sale of FinTech joint venture to Geely Group

By Gloria Methri

September 06, 2023

  • Denmark
  • FinTech
  • Geely Group
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Saxo Bank, Geely Group, Saxo Fintech, Saxo Geely Tech Holding, FinTech, DenmarkSaxo Bank has announced the successful completion of its transaction involving the sale of Saxo Geely Tech Holding A/S (Saxo Fintech) to Geely Financials Denmark. All relevant agreements have been duly signed, formalising the closing of this transaction.

As part of this transaction, Saxo Bank will receive its own shares in return – equivalent to approximately 2% of the outstanding bank shares.

Following the closing of this transaction, the ownership structure of the bank is as follows:

  • Geely Financials Denmark: 49.88%
  • Fournais Holding: 28.09%
  • Sampo/Mandatum: 19.83%
  • Minority shareholders: 2.20%

The divestment of the Saxo Geely Tech Holding shares marks the end of the bank’s ownership of the Chinese Joint Venture, allowing the bank to optimise its business operations and focus on core markets and clients.

Saxo Fintech was established in 2019 as a technology joint venture with its own separate technology stack to provide financial and regulatory technology solutions to financial institutions such as banks, brokers, and FinTechs in Mainland China. The ownership of the joint venture was evenly split between Saxo Bank and Geely Group.

The bank said the strategic decision aligns with its ongoing commitment to optimise its business operations and focus on core markets and clients.

Today, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. Its open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients.

Keeping its headquarters in Copenhagen, Saxo has more than 2,500 professionals in financial centers around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai, and Tokyo.

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