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 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.