HELLERUP, Denmark – Geely Holding Group said in a statement on October 2 that it has become the majority shareholder of Saxo Bank Group with a total share of 51.5 percent, after additional shares were purchased through Geely Financials Denmark A/S, which had made an offer in May 2017 to buy 30 percent shares of the leading multi-asset trading and financial-technology firm.
Shareholders of Saxo have also received an offer from Sampo Group, a leading Nordic financial services group, to take up a stake of 19.9 percent of the bank.
TPG Capital and SinarMas accepted the offer from Geely and Sampo and will sell 100 percent of their shares of 29.26 percent and 9.9 percent respectively. Co-founder and CEO Kim Fournais’ stake of 25.71 percent remains unchanged.
The transactions are pending regulatory approvals and are expected to be finalized during the next six months.
“With both Geely Group and Sampo Group as key shareholders in Saxo Bank, we have a strong group of owners with a wish and ability to foster long term growth,” said Fournais. “Geely is well known for its strong power of execution, ability to foster growth and entrepreneurial spirit. With Geely we secure a strong position in core growth markets in Asia with greater China as center. Sampo Group has a long and impressive history in financial services bringing a wealth of experience and insight in the financial sector. This marks a new and important chapter for Saxo Bank giving us a unique and strong foundation and I look forward to taking Saxo Bank to new highs together with our shareholders and employees, ensuring our clients a best-in-class experience.”
“We have found Saxo Bank to be an extremely strong partner for many of Geely’s investment partners across the Greater China region,” said Daniel Donghui Li, CFO and executive vice president of Geely. “We at Geely Group believe that Saxo Bank’s technologies and product value can be effectively expanded across the Asian region, which is why we are willing to offer to buy more shares in Saxo Bank. Over the past decade Saxo Bank has developed a strong reputation in global financial and regulatory technology, which we hope to strengthen in the Asia region in the coming years.”
Saxo Bank presented H1 results in August showing a 45 percent increase in profits compared to same period last year. Built on a consistent year-on-year increase, client collateral deposits are at almost DKK100 billion (approx. €13.5 billion).