Saxo Bank Prospect of Selling: What’s Next for the Danish Bank?

Saxo Bank is contemplating the prospect of selling its business. This decision comes on the heels of unsuccessful merger discussions that occurred 18 months ago. Sources close to the matter have indicated that Saxo Bank is currently in the process of seeking investment bankers to advise on potential options.

The potential sale of Saxo Bank is estimated to be valued between 1.5 and 2 billion euros, making it a significant development within the industry. However, the specifics of the deal remain shrouded in uncertainty. According to anonymous sources cited by Reuters, the bank is considering the sale of either a majority or minority stake in the company.

Presently, Saxo Bank’s ownership structure includes Chinese automaker Geely, which holds nearly 50%, while CEO Kim Fournais retains 28%, and Finnish insurer Sampo, which possesses close to 20%. Both Geely and Saxo Bank have refrained from commenting on the matter, while Sampo purportedly contemplates divesting its stake to its asset management spin-off, Mandatum.

Saxo Bank Prospect of Selling: What’s Next for the Danish Institution?

Saxo Bank’s previous partnership with a special purpose acquisition company in 2022 came to an end due to challenging market conditions. Nevertheless, Fournais hinted at potential future opportunities, suggesting openness to both public and private transactions.

Notably, Saxo Bank made headlines last year with the sale of its stake in Saxo Fintech, a regulatory technology (RegTech) platform, to Geely Holding Group. This move marked a significant shift in the firm’s ownership structure. Formerly known as Saxo Geely Tech Holding A/S, Saxo Fintech was established in 2019 to provide financial and RegTech solutions in Mainland China.

The decision to divest from Saxo Fintech was due to streamline business operations and focus on core markets and clients. As part of the transaction, Saxo Bank received its own shares, equivalent to approximately 2% of the outstanding Saxo Bank shares. In a statement, the fully regulated and licensed Danish bank confirmed, “As part of this transaction, Saxo Bank will receive its own shares in return, equivalent to approximately 2% of the outstanding Saxo Bank shares.”

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