Swiss private bank J. Safra Sarasin Group has reached an agreement to acquire a 70% stake in Denmark's Saxo Bank for approximately 1.1 billion euros ($1.19 billion), as disclosed by Saxo Bank on Monday.
Last year, Reuters had reported that Saxo Bank, known for its digital trading and investment services, was exploring various strategic options, including a potential sale.
In its announcement, Safra Sarasin confirmed the acquisition of the 19.8% ownership from Finnish Mandatum and the 49.9% interest from the Chinese group Geely. Kim Fournais, Saxo Bank's CEO, is set to remain in his position and retain his 28% ownership.
Saxo Bank clarified that the total valuation of its shares amounts to around 1.6 billion euros, with the 70% share being valued at approximately 1.1 billion.
Mandatum, in a separate statement, indicated that it had sold its stake for roughly 319 million euros ($345.92 million).
(1 euro = 0.9228 dollars)