Bank J. Safra Sarasin Group has today completed the acquisition of a majority stake in Saxo Bank A/S (“Saxo Bank”). As part of the transaction, Daniel Belfer, previously CEO of Bank J. Safra Sarasin Group, will assume the role of CEO of Saxo Bank, while Kim Fournais will step down as CEO and become chairman of the board of directors.
J. Safra Sarasin Group has acquired approximately 71% of Saxo Bank from Geely Financials Denmark A/S, Mandatum Group and other minority shareholders. Saxo Bank’s founder, Kim Fournais, will retain approximately 28% of the ownership. The transaction was completed following receipt of all required regulatory approvals, including from the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA).
Accura assisted Bank J. Safra Sarasin as Danish counsel in connection with the transaction
Photo: Saxo Bank