J. Safra Sarasin to acquire majority stake in Saxo Bank

The transaction involves purchasing shares from Finnish financial firm Mandatum, which owns 19.8%, and China's Geely, which holds a 49.9% stake. According to Reuters, Saxo Bank’s leadership structure will remain unchanged, with its chief executive retaining his 28% share in the company.

Expansion into digital investment and retail segments

The acquisition is part of J. Safra Sarasin’s strategy to enhance its market presence. The Swiss bank, which manages USD 247 billion in client assets, sees the deal as an opportunity to expand beyond its traditional focus on high-net-worth clients. Saxo Bank, which specialises in digital trading platforms and serves retail, institutional, and wholesale investors, manages USD 118 billion in client assets. 

A representative from J. Safra Sarasin stated that the addition of Saxo Bank aligns with its broader ambitions, allowing it to incorporate a digital trading infrastructure into its wealth management services. The representative also indicated that the bank remains open to further acquisitions in private banking and asset management, though no immediate deals are in progress. 

The full valuation of Saxo Bank is estimated at EUR 1.6 billion. A financial analyst from Bank Vontobel commented that the transaction signals a revival in banking sector acquisitions after a period of relatively low activity.

Other developments from Saxo Bank

In October 2024, Saxo Bank introduced the Saxoinvestor platform designed for UK investors. At the time, officials from Saxo Bank stated that they focused on attracting investor clients since implementing their pricing reductions in January 2024 and introducing Mutual Funds in 2023. The launch of SaxoInvestor in the UK allowed anyone to access financial markets and aimed to support users in taking charge of their financial future.