Saxo Bank Announces New Shareholder
Lars Seier Christensen, co-founder of Saxo, has received an offer and agreed to sell his stake of 25.71 per cent of the bank to Geely pending, among other things, regulatory approvals.
Copenhagen / Hanzhou - Saxo Bank Group (“Saxo”), a leading Danish multi-asset trading and financial-technology firm, has received an offer from Geely International Hong Kong, a subsidiary of Zhejiang Geely Holding Group Co., Ltd (“Geely Group”), to become a key shareholder in Saxo to enable the bank to capitalise on global growth opportunities.
Lars Seier Christensen, co-founder of Saxo, has received an offer and agreed to sell his stake of 25.71 per cent of the bank to Geely pending, among other things, regulatory approvals. Certain minority shareholders are expected to exercise tag-along rights as part of the investment offer from Geely, which is expected to own 30 per cent of Saxo on completion.
Financial terms of the transaction, which is expected to be finalised by the fourth quarter of 2017, have not been disclosed.
Kim Fournais, Saxo Co-founder and Chief Executive Officer, said:
“Geely Group has shown an impressive ability to foster sharp and solid profitable growth in their portfolio companies, and it has a deep understanding of Scandinavian business values and culture. Geely is well known for its strong power of execution, compliance awareness and entrepreneurial spirit. I look forward to taking Saxo Bank to new highs together with our shareholders and employees. I am confident that partnering with Geely creates an even stronger foundation to capitalise on the many global opportunities and not least in the growing Chinese and Asian markets.”
Saxo established a China office in the Shanghai Free-Trade Zone in September 2015, and has since then signed extensive financial technology partnerships as part of its Greater China strategy.
Daniel Donghui Li, Chief Financial Officer and Executive Vice President of Geely Group, said:
“We look forward to partnering with Saxo Bank through this transaction to expand Geely Group’s activities in the financial services sector. Saxo Bank is a trusted trading platform with a strong reputation following more than 20 years of successful operations. The bank is a proven leader in Financial and Regulatory technology. We expect to deliver group synergies from the development of financial services both within Geely Group and the wider Chinese market.”
Lars Seier Christensen, who served as co-CEO of Saxo until year end 2015, said:
“I am very proud of Saxo Bank’s achievement and our unique position as one of the strongest facilitators of global capital market access in the financial sector. I want to thank the skilled and talented employees in Saxo and my partner, Kim Fournais, for this amazing journey over the past 25 years. With a strong track record, healthy long-term vision and appreciation of our unique strengths, I am confident that Geely is the right business partner for Saxo Bank.”
Kim Fournais added:
“I want to thank Lars for his huge contribution to Saxo since we founded the company together in 1992. Even though Lars will no longer have a formal stake in the firm, I know that his passion for the bank lives on and I look forward to continue our friendship.”
Saxo Bank is a leading Fintech specialist and global multi-asset facilitator of capital markets products and services. Saxo enables private clients to trade more than 35,000 instruments from one single margin account.
Additionally, Saxo provides institutional clients such as banks and fintechs with Open Banking solutions from multi-asset execution, prime brokerage services to trading technology. Founded in 1992, Saxo Bank has embraced Open Banking from the beginning and is focused on helping clients and partners through win-win partnerships and product innovation.
Since launching its first online trading platform in 1998, Saxo Bank works to empower everyone to navigate their financial future by opening up access to trading and investment. The Saxo Group’s client assets total more than 45 billion euros, and the Group employs more than 2100 people in financial centres around the world including London, Singapore, Amsterdam, Shanghai, Hong Kong, Paris, Zurich, Dubai and Tokyo.For more information, please visit http://www.home.saxo.
Zhejiang Geely Holding Group (Geely Holding) is a global automotive group that owns several well-known international automotive brands, with operations spanning the automotive value chain, from research, development and design to production, sales and servicing.
Founded in 1986 by Li Shufu, the company’s Chairman, in the city of Taizhou in China’s Zhejiang province, Geely Holding launched its automotive business in 1997 and is now headquartered in Hangzhou, China. The Group comprises three businesses: Geely Auto Group, Volvo Car Group and Geely Commercial Vehicles Company.
Its brands include Geely Auto, LYNK & CO, Volvo Car, Polestar, London Electric Vehicle Company (LEVC), Yuan Cheng Auto, PROTON, Lotus, and Terrafugia.
ZGH has over 120,000 employees across the world, and has been listed in the Fortune 500 for the past seven years. For more information regarding Zhejiang Geely Holdings please refer to the official website at www.zgh.com