Saxo Bank, the owner of leading CFD broker Saxo Capital Markets, today received regulatory approval for China’s Zhejiang Geely Holding Group Co. Ltd (Geely Holding Group) and Sampo plc of Finland (Sampo) to buy out (amoung others) Saxo founder Lars Seier Christensen.
The deal values Saxo bank at EUR 1.325 billion.
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The closing of the transactions means that TPG Capital, Lars Seier Christensen and SinarMas sell their interests in Saxo Bank amounting to 29.26 percent, 25.71 percent and 9.9 percent respectively. Some minority shareholders have also agreed to sell their shares to Geely Holding Group and Sampo resulting in stakes of 52 percent and 19.9 percent respectively. CEO and Founder Kim Fournais’ share of 25.71 percent of the Bank remains unchanged.
The deal goes back to when it was first announced in October 2017. Following regulatory approval Saxo CEO and Founder, Kim Fournais, said:
“Today, we proudly welcome Geely and Sampo as shareholders. It is an important milestone for Saxo Bank and for me personally as CEO, founder and shareholder. The track-records of both Geely and Sampo are unparalleled and I am confident that the new ownership structure will provide us with the right foundation to deliver long term growth. With Geely as a shareholder, we will benefit from a strong position in growth markets in the Asia region, with Greater China at its core. At the same time Sampo, as the leading blue-chip investor in the Nordic financial industry, further strengthens our Nordic foundation.”
Other key executives are:
- Daniel Donghui Li, Chairman
- Henrik Normann, Vice-chairman
- Ian Zhang, Board Member
- Preben Damgaard, Board Member
- Patrick Lapveteläinen, Board Member
Kari Stadigh, Chief Executive Officer and President, Sampo Group, added:
“Saxo Bank is one of the most interesting companies in the Nordic fintech sector. Saxo Bank’s unique and highly advanced trading and investment platforms are, in our view, the best in the market and have great potential globally. We are excited to be part of this success story.”