Consolidation in global private banking is entering a new phase. Brazilian-Swiss J. Safra-Sarasin Group is acquiring a majority stake in an international fintech firm from Denmark that was previously under Chinese control.
Swiss-based J. Safra Sarasin will acquire a 70 percent stake of Saxo Bank, previously held by Geely Financials Denmark, a subsidiary of Chinese Zhejiang Geely Holding Group and Mandatum Group, according to a statement.
The transaction will increase the global long-term potential of both, J. Safra Sarasin and Saxo Bank, with $247 billion and $118 billion in client assets, respectively. The two banks provided no information regarding the purchase price.
International Footprint
Daniel Belfer and Kim Fournais (from left; image provided)
This transaction highlights J. Safra Sarasin's strategy of undertaking acquisitions in innovative and diversified financial businesses, and further enhances the group’s successful growth and international footprint in financial services, the firm said in a media release.
Saxo Bank will continue to operate as a standalone entity with its founder and CEO, Kim Fournais, continuing as CEO and retaining approximately 28 percent ownership, underscoring the stability and continuity of the business, and reinforcing its long-term vision of creating value for all clients, partners and employees.
Milestone for J. Safra Sarasin
«This acquisition represents a milestone for J. Safra Sarasin. The addition of a leading international fintech bank to our group further underscores our commitment to shaping the future of financial services, creating a robust forward-thinking powerhouse primed for long-term growth,» said Daniel Belfer, CEO of J. Safra Sarasin.
For Saxo Bank, joining J. Safra Sarasin represents an exceptional opportunity to strengthen its foundation for continued future growth, delivering award-winning platforms and innovative products to its clients and partners, according to further information.
Long-Term Partner
«I feel great pride and comfort knowing that Saxo has found its ideal long-term partner. The win-win opportunities that our business models will create are unique, extending to our employees, clients, and partners,» Fournais added. «For Saxo, our employees, shareholders, clients, and partners, and me personally, today marks an inflection point.»
The transaction is subject to standard regulatory and other approvals, including from the FINMA and the DFSA.
Speculation about J. Safra Sarasin’s potential acquisition of Saxo Bank first surfaced in early February, with finews.com reporting on the matter.
