Swiss Private Bank Acquires Majority Stake in Saxo Bank

Swiss private bank J. Safra Sarasin has reached an agreement to acquire a 70% stake in Danish online trading firm Saxo Bank for approximately €1.1 billion ($1.19 billion), placing Saxo Bank's overall valuation at around €1.6 billion. The deal marks a significant shift in ownership for Saxo, which had been searching for a buyer for months.

As part of the transaction, J. Safra Sarasin will purchase a 19.8% stake from Finnish financial services group Mandatum and a 49.9% stake from Chinese automotive conglomerate Geely. Saxo Bank's founder and CEO, Kim Fournais, will retain his 28% stake and continue leading the company. In a statement on LinkedIn, Saxo emphasized that it "will operate independently from its majority owner Safra Sarasin," describing the deal as a strategic partnership to enhance its global services.

The acquisition comes amid Saxo Bank's broader restructuring efforts. The company recently sold an 80.1% stake in its Australian operations to Johannesburg-based financial technology provider DMA, while maintaining a 19.9% holding. The Australian entity is expected to undergo a rebranding following a transition period. Additionally, Saxo Bank closed its offices in Shanghai and Hong Kong as part of its recalibration in the Asia-Pacific region​.

Despite these structural changes, Saxo Bank concluded 2024 on a high note, reporting a 287% increase in net profit to €135 million, with an adjusted net profit of €144 million. However, the company anticipates revenue challenges in 2025 due to a revised distribution model that led to the offboarding of certain clients in 2024.