Last month Luxembourg's oldest bank agreed a takeover by a China based conglomerate. Now Saxo Bank will be controlled by another Chinese industrial group.
Chinese automotive group Geely will increase its stake in Denmark's Saxo Bank to 51.5 percent while Finland's Sampo Oyj will take a stake of 19.9 percent, Saxo said in a statement.
Sampo said in a seperate announcement that it would pay 265 million euros for its stake. Saxo Bank said Geely would pay the same price. Geely, which owns carmaker Volvo, announced in May it would take a 30 per cent stake in Saxo Bank.
Geely Group was founded by businessman Li Shufu, who has been seeking opportunities to expand into the finance sector and believes the Danish firm's technologies could be expanded in Asia. Kim Fournais the co-founder and chief executive officer at Copenhagen-based Saxo was interviewed recently by finews.asia.
