J. Safra Sarasin Acquires 70% Stake in Saxo Bank for €1.1 Billion

Swiss private banking group J. Safra Sarasin has agreed to acquire a 70% stake in Denmark's Saxo Bank for approximately €1.1 billion, marking a significant move in the financial services sector. The deal, announced on March 10, 2025, values Saxo Bank at around €1.6 billion and involves purchasing the 49.9% stake held by China's Zhejiang Geely Holding Group and the 19.8% stake owned by Finland's Mandatum Group. Saxo Bank's founder and CEO, Kim Fournais, will retain his 28% ownership and continue in his leadership role.

J. Safra Sarasin, established in 1841 and headquartered in Basel, Switzerland, manages approximately $247 billion in client assets. The bank focuses on wealth and asset management services for high-net-worth individuals and institutions. Saxo Bank, founded in 1992 and based in Copenhagen, is renowned for its digital trading platforms that offer clients access to a wide range of financial instruments, including currencies, commodities, equities, and derivatives. The bank manages approximately $118 billion in client assets and employs over 2,300 professionals across financial centers worldwide.

The acquisition aligns with J. Safra Sarasin's strategy to integrate Saxo Bank's advanced digital trading and investment platforms with its own wealth and asset management services, aiming to enhance its international presence in financial services. Saxo Bank will continue to operate as a standalone entity, maintaining its focus on delivering innovative platforms and services to clients and partners.

Jacob J. Safra, Chairman of J. Safra Sarasin Group, stated, "This strategic acquisition represents a significant milestone for J. Safra Sarasin. It creates new opportunities for expansion and further increases our competitive edge." Kim Fournais, CEO and Founder of Saxo Bank, commented, "Saxo proudly welcomes J. Safra Sarasin as new majority shareholder, a family-owned banking group with over 180-year heritage and long-term perspective."

The transaction is subject to standard regulatory and other approvals, including from the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA).

This acquisition is one of the largest private banking deals in recent years, highlighting a trend of consolidation in the financial services sector. The deal underscores the growing importance of digital platforms in wealth management and the strategic moves by traditional banks to enhance their technological capabilities.

The acquisition signifies a pivotal moment in the evolution of private banking, demonstrating the strategic importance of digital transformation in the financial services industry. It also reflects the ongoing trend of consolidation in the sector, as traditional banks seek to enhance their technological capabilities and expand their client base.