J. Safra Sarasin Group has agreed to acquire the remaining indirect stake in Saxo Holding held by Kim Fournais, in a move that will give it full ownership of Saxo Bank.
The stake represents about 28.69%. The agreement follows Bank J. Safra Sarasin’s exercise of a call option under the shareholders agreement between the parties.
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Once the transaction is completed, Bank J. Safra Sarasin will own 100% of Saxo Holding and, indirectly, Saxo Bank.
Saxo Bank will continue to operate as a separate entity.
Kim Fournais will remain chairman of Saxo Bank’s Board of Directors.
Fournais said: “Today’s announcement is fully aligned with the vision agreed with J. Safra Sarasin, and represents the next natural step in Saxo’s evolution.
“Building Saxo over the past three decades has been the privilege of my professional life, and I look forward to continuing to support its strategic direction.”
The transaction is subject to customary regulatory approvals. Its financial terms have not been disclosed.
J. Safra Sarasin Group had already completed the purchase of a majority interest in Saxo Bank in March this year, after receiving the required regulatory clearances.
That deal involved the acquisition of about 71% of Saxo Bank shares from Geely Financials Denmark, Mandatum Group and other minority shareholders.
The majority stake purchase was first announced in March last year.
J. Safra Sarasin Group chairman Jacob Safra said: “Kim Fournais has built an exceptional business, and his entrepreneurial spirit and relentless commitment have made Saxo a global leader in digital investing.
“This milestone reflects our long-term perspective, and we are committed to preserving Saxo’s unique strengths while supporting its next phase of sustainable growth.”
