Danish FSA approves Geely’s offer to buy shares in Saxo Bank A/S
In October 2017, Saxo Bank announced that Geely Group offered to buy a majority stake in Saxo Bank, while Sampo Group offered to take up a stake of 19.9 percent of the Bank. As communicated in October, the transactions are pending regulatory approvals. Now Geely has received approval to buy the shares from the Danish FSA. The remaining approvals are expected within the next months.
Founder and CEO, Kim Fournais, commented:
“It is very positive that Geely has received approval from the Danish FSA to take up a majority stake in Saxo Bank. We look forward to receiving the remaining approvals to close the deal. We expect to have the final approvals within the next months.”
When the final approvals are in place, Lars Seier Christensen, TPG Capital and SinarMas will sell 100 percent of their shares to Geely and Sampo. Kim Fournais’ stake of 25.71 percent remains unchanged.
Saxo Bank Group (Saxo) is a leading Fintech specialist focused on multi-asset trading and investment and delivering ‘Banking-as-a-Service’ to wholesale clients.
For 25 years, Saxo’s mission has been to democratize investment and trading, enabling clients by facilitating their seamless access to global capital markets through technology and expertise.
As a fully licensed and regulated bank, Saxo enables its direct clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices. Additionally, Saxo provides wholesale institutional clients such as banks and brokers with multi-asset execution, prime brokerage services and trading technology, supporting the full value chain delivering Banking-as-a-Service (BaaS).
Saxo’s award winning trading platforms are available in more than 20 languages and form the technology backbone of more than 100 financial institutions worldwide.
Founded in 1992 and launching its first online trading platform in 1998, Saxo Bank was a Fintech even before the term was created. Headquartered in Copenhagen Saxo today employs more than 1500 people in financial centers around the world including London, Paris, Zurich, Dubai, Singapore, Shanghai, Hong Kong and Tokyo.