J. Safra Sarasin concludes majority stake purchase in Saxo Bank

J. Safra Sarasin Group has completed the acquisition of a bulk involvement successful Saxo Bank, aft securing each required regulatory clearances.

The transaction involves J. Safra Sarasin acquiring astir 71% of Saxo Bank shares, which were antecedently owned by Geely Financials Denmark A/S, Mandatum Group, and different number investors.

The woody was announced successful March past year.

Kim Fournais, 1 of Saxo Bank’s founders, retains astir 28% ownership.

The combined assets nether absorption for some entities present transcend $460bn.

The acquisition is portion of J. Safra Sarasin Group’s program to complement its existing backstage banking and wealthiness absorption businesses with integer capabilities.

Alongside the alteration successful ownership, respective enactment changes are being enactment successful spot astatine Saxo Bank. Kim Fournais is acceptable to go president of the board.

Daniel Belfer, who antecedently served arsenic CEO astatine Bank J. Safra Sarasin, volition instrumentality implicit arsenic CEO of Saxo Bank. Belfer brings astir 30 years of acquisition successful the fiscal sector.

Belfer said: “Today marks a defining infinitesimal for Saxo Bank. Stepping into the relation of CEO of Saxo Bank is simply a existent privilege, and I americium looking guardant to moving unneurotic with the Board, the remainder of the absorption squad and each employees to fortify Saxo’s instauration portion accelerating our ambition - bringing unneurotic Saxo Bank’s digital, client-first innovation with J. Safra Sarasin’s bequest of stability, prudent hazard management, and enduring lawsuit relationships.”

Bank J. Safra Sarasin volition spot Elie Sassoon instrumentality implicit arsenic CEO.

Sassoon has been a long-serving subordinate of the J. Safra Group, with astir 5 decades astatine the institution and erstwhile work for backstage banking operations.

As portion of a revised governance operation astatine Saxo Bank, Henrik Juel Villberg, presently Deputy COO and Head of Group Client Journeys with implicit 20 years astatine the bank, volition go Deputy CEO and articulation the Board of Management. Julio Carloto, antecedently COO Asia astatine J. Safra Sarasin successful Singapore, is appointed arsenic Chief Risk and Compliance Officer and volition besides articulation Saxo Bank’s Board of Management.

The caller Saxo Bank committee volition comprise Daniel Belfer arsenic CEO, Henrik Juel Villberg arsenic lawman CEO, Mads Dorf Petersen arsenic CFO), and Julio Carloto arsenic CRCO.

"J. Safra Sarasin concludes bulk involvement acquisition successful Saxo Bank" was primitively created and published by Private Banker International, a GlobalData owned brand.

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