J. Safra Sarasin Group has completed the purchase of a majority interest in Saxo Bank, after securing all required regulatory clearances.
The transaction involves J. Safra Sarasin acquiring about 71% of Saxo Bank shares, which were previously owned by Geely Financials Denmark A/S, Mandatum Group, and other minority investors.
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The deal was announced in March last year.
Kim Fournais, one of Saxo Bank’s founders, retains approximately 28% ownership.
The combined assets under management for both entities now exceed $460bn.
The acquisition is part of J. Safra Sarasin Group’s plan to complement its existing private banking and wealth management businesses with digital capabilities.
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By GlobalDataAlongside the change in ownership, several leadership changes are being put in place at Saxo Bank. Kim Fournais is set to become chairman of the board.
Daniel Belfer, who previously served as CEO at Bank J. Safra Sarasin, will take over as CEO of Saxo Bank. Belfer brings nearly 30 years of experience in the financial sector.
Belfer said: “Today marks a defining moment for Saxo Bank. Stepping into the role of CEO of Saxo Bank is a real privilege, and I am looking forward to working together with the Board, the rest of the management team and all employees to strengthen Saxo’s foundation while accelerating our ambition – bringing together Saxo Bank’s digital, client-first innovation with J. Safra Sarasin’s legacy of stability, prudent risk management, and enduring client relationships.”
Bank J. Safra Sarasin will see Elie Sassoon take over as CEO.
Sassoon has been a long-serving member of the J. Safra Group, with nearly five decades at the company and previous responsibility for private banking operations.
As part of a revised governance structure at Saxo Bank, Henrik Juel Villberg, currently Deputy COO and Head of Group Client Journeys with over 20 years at the bank, will become Deputy CEO and join the Board of Management. Julio Carloto, previously COO Asia at J. Safra Sarasin in Singapore, is appointed as Chief Risk and Compliance Officer and will also join Saxo Bank’s Board of Management.
The new Saxo Bank board will comprise Daniel Belfer as CEO, Henrik Juel Villberg as deputy CEO, Mads Dorf Petersen as CFO), and Julio Carloto as CRCO.
