The J. Safra Sarasin Group has announced the acquisition of a majority stake in Saxo Bank. Under the deal, J. Safra Sarasin will acquire a 70% ownership interest in Saxo Bank, previously held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, and Mandatum Group.

«This transaction underscores J. Safra Sarasin Group’s strategy of acquiring innovative and diversified financial businesses, while strengthening the Group’s successful growth trajectory and international footprint in financial services,» the company stated in a press release issued on Monday.

Saxo Bank will continue to operate independently. Its founder and CEO, Kim Fournais, will remain in his role and retain approximately 28% of the company’s shares. This ensures stability and continuity while reaffirming the bank’s long-term vision of creating value for clients, partners, and employees.

Speculation about J. Safra Sarasin’s potential acquisition of Saxo Bank first surfaced in early February, with finews.com reporting on the matter.