Saxo Bank Sells Majority Stake to Safra Sarasin

Saxo Bank sells a majority stake to Safra Sarasin, with the latter acquiring 70% for €1.1 billion ($1.19 billion). The acquisition marks a significant shift for the Danish online trading and investment services provider, which had been seeking a buyer for months.

With this move, Saxo Bank is now valued at around 1.6 billion euros. The transaction includes the purchase of Finnish Mandatum’s 19.8 per cent stake and the 49.9 per cent stake previously held by China’s Geely group. Despite the majority acquisition, founder and CEO Kim Fournais will retain his 28 per cent share and continue to lead the company.

Previously, Mandatum had inherited its ownership from Sampo, a Nordic insurance group, during a demerger. In a statement posted on LinkedIn, Saxo emphasized that this strategic alliance highlights its dedication to offering top-tier services and innovative solutions to global clients and partners. 

Saxo Bank Sells Majority Stake to Safra Sarasin

The company also clarified that it will continue operating independently from its new majority shareholder. At the same time, Saxo Bank recently finalized another major transaction involving its Australian operations. The bank sold an 80.1 per cent stake in Saxo Australia to DMA, a Johannesburg-based tech provider for financial advisers and wealth managers, while retaining the remaining 19.9 per cent. 

The deal is expected to close in the second half of 2025, although financial details have not been disclosed. After a transition period, Saxo Australia will undergo a rebranding. Importantly, the new ownership will retain the existing team, including CEO Adam Smith, ensuring continuity. As part of its broader restructuring in the Asia-Pacific region, Saxo also shuttered its offices in Shanghai and Hong Kong. 

These moves reflect a strategic narrowing of its international focus. Although Saxo closed 2024 on a high note with net profit surging 287 per cent to €135 million and adjusted net profit hitting €144 million, the company anticipates revenue challenges in 2025. This outlook stems from its decision to streamline its distribution model and reduce its presence in selected markets, which led to client offboarding during the previous year.

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