J. Safra Sarasin to Buy Majority of Saxo in €1 Billion Deal

Noele Illien

Mon, Mar 10, 2025, 1:58 AM 2 min read

(Bloomberg) -- Swiss wealthiness manager Bank J. Safra Sarasin agreed to bargain 70% of Denmark’s Saxo Bank A/S, adding to a flurry of deals successful the European fiscal services sector.

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Safra said the acquisition values online brokerage steadfast Saxo astatine €1.6 cardinal ($1.7 billion), implying a acquisition terms of astir €1.1 billion. That would marque it the Swiss firm’s second-largest woody ever. The announcement confirms a Bloomberg News study past period that J. Safra Sarasin was holding talks with Saxo Bank.

“This is simply a translation acquisition that volition presumption america for the aboriginal of wealthiness management,” said Daniel Belfer, Chief Executive Officer of J. Safra Sarasin.

The Swiss slope is portion of a family-owned banking empire that spans Brazil, Switzerland and the US. The latest woody volition alteration Safra to diversify besides successful presumption of its lawsuit base, due to the fact that the 2 institutions mostly run successful antithetic lawsuit segments, Belfer said. Saxo has astir $118 cardinal of lawsuit assets, astir fractional the $247 cardinal overseen by Bank J. Safra Sarasin.

Read also: Safra Scion Looks to Break From Family Firm With $5 Billion

The transaction comes arsenic grounds profits successful European concern substance a question of woody proposals, from Spain to Italy and Germany. In Switzerland determination person been a fewer smaller caller deals, specified arsenic EFG International AG agreeing to bargain Cité Gestion.

The Saxo involvement present changing hands was antecedently held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, and Mandatum Group, according to a connection Monday. Saxo’s Founder and Chief Executive Officer Kim Fournais volition proceed arsenic CEO and clasp astir 28% of Saxo, which volition proceed to run arsenic standalone entity.

The Danish fintech was acceptable up successful 1992 and tally by co-founders Fournais and Lars Seier Christensen, who turned it into 1 of Europe’s largest trading platforms. In 2017, Seier Christensen near the slope and sold his involvement to Geely.

Saxo said past twelvemonth that it hired Goldman Sachs Group Inc. to merchantability itself.

(Updates with valuation from 2nd paragraph.)

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