Zhejiang Geely Holding Group and Sampo are to acquire shares in Saxo Bank.
In October 2017, shareholders of Saxo Bank announced an offer received from Geely Financials Denmark, a subsidiary of Geely Holding Group, to acquire a majority stake in Saxo Bank. Sampo also made an offer to acquire a 19.9 percent interest in the Bank.
The deal has now received all the necessary regulatory approvals to go ahead.
The closing of the transactions means that TPG Capital, Lars Seier Christensen and SinarMas will sell their interests in Saxo Bank—29.26 percent, 25.71 percent and 9.9 percent, respectively.
Some minority shareholders have also agreed to sell their shares to Geely Holding Group and Sampo resulting in stakes of 52 percent and 19.9 percent respectively. CEO and founder of Saxo Bank, Kim Fournais, retains his share of 25.71 percent in Saxo Bank.
The transaction values Saxo Bank at €1.325 billion.
At a general meeting on 13 September 2018, the shareholders of Saxo Bank agreed to change the composition of the board of directors with Daniel Donghui Li, chief financial officer and executive vice president of Geely Holding Group appointed chairman of Saxo Bank.
Henrik Normann, president, CEO and director of Nordic Investment Bank, will become vice-chairman of Saxo Bank.
Fournais said: “We proudly welcome Geely and Sampo as shareholders. It is an important milestone for Saxo Bank and for me personally as CEO, founder and shareholder. The track-records of both Geely and Sampo are unparalleled and I am confident that the new ownership structure will provide us with the right foundation to deliver long term growth.”
He added: “With Geely as a shareholder, we will benefit from a strong position in growth markets in the Asia region, with Greater China at its core. At the same time Sampo, as the leading blue-chip investor in the Nordic financial industry, further strengthens our Nordic foundation.”
Donghui Li commented: “We believe that Saxo Bank’s technologies and products can be effectively expanded across Asia, where we hope to build on its strong reputation in global financial and regulatory technology. This is expected to generate synergies from the development of financial services in the Chinese market.”
Kari Stadigh, CEO and president of Sampo Group, said: “Saxo Bank is one of the most interesting companies in the Nordic fintech sector. Saxo Bank’s unique and highly advanced trading and investment platforms are, in our view, the best in the market and have great potential globally. We are excited to be part of this success story.”
