Wealth manager and private bank J. Safra Sarasin Group, has acquired a majority stake in fintech bank and investment firm Saxo Bank for an undisclosed sum.
Swiss-headquartered Sarasin has acquired 71% of Denmark-headquartered Saxo Bank, previously held by Geely Financials Denmark A/S, Mandatum Group and other minority shareholders.
The deal creates a group with combined client assets of over USD 460bn (£344bn).
Founder Kim Fournais retains approximately 28% ownership of Saxo Bank. He will step down as CEO of Saxo Bank in order to chair the Board of Directors.
He will be replaced by Deniel Belfer who joins from a role as CEO of Bank J. Safra Sarasin and has nearly three decades of experience in the financial industry, 26 of which have been within Sarasin.
The transaction has received all necessary approvals, including from the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA).
Saxo Bank provides investment solutions and multi-asset trading tools. It was founded in Copenhagen, Denmark, in 1992. As a fintech, its open banking technology also powers over 150 financial services firms. It employs over 2,400 workers in London, Signapore, Amsterdam, Zurich, Dubai and Tokyo.
J. Safra Sarasin Group is a wealth manager and private bank with client assets of over £44bn and a workforce of over 5,000 staff.