In May 2017, it was announced that Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co., Ltd (“Geely Group”), had made an offer to buy 30 percent of the shares of Saxo. Geely Group has offered to buy more shares and will thus become majority shareholder with a total of 51.5 percent.

TPG Capital and SinarMas accepted the offer from Geely and Sampo Group and will sell 100 percent of their shares of 29.26 percent and 9.9 percent respectively. Co-founder and CEO Kim Fournais’ stake of 25.71 percent remains unchanged.

The transactions are pending regulatory approvals and are expected to be finalised during the next six months.

Kim Fournais, Saxo Bank Co-founder and Chief Executive Officer, said:

“With both Geely Group and Sampo Group as key shareholders in Saxo Bank, we have a strong group of owners with a wish and ability to foster long term growth. Geely is well known for its strong power of execution, ability to foster growth and entrepreneurial spirit. With Geely we secure a strong position in core growth markets in Asia with greater China as center. Sampo Group has a long and impressive history in financial services bringing a wealth of experience and insight in the financial sector. This marks a new and important chapter for Saxo Bank giving us a unique and strong foundation and I look forward to taking Saxo Bank to new highs together with our shareholders and employees, ensuring our clients a best-in-class experience. I would like to thank the current investors for their partnership, belief in Saxo Bank and their contribution over the years.”

Daniel Donghui Li, Chief Financial Officer and Executive Vice President of Geely Group, said:

“We have found Saxo Bank to be an extremely strong partner for many of Geely’s investment partners across the Greater China region. We at Geely Group believe that Saxo Bank’s technologies and product value can be effectively expanded across the Asian region, which is why we are willing to offer to buy more shares in Saxo Bank. Over the past decade Saxo Bank has developed a strong reputation in global financial and regulatory technology, which we hope to strengthen in the Asia region in the coming years.”

Kari Stadigh, Chief Executive Officer and President, Sampo Group, said:

“Saxo Bank is an exceptionally interesting unicorn in the Nordic fintech area and Sampo is excited to participate in developing its global reach further. Saxo has a unique trading platform which, in our view, is the best in the market and offers great potential globally for white labelling to financial institutions, investors and family offices.”

Saxo Bank presented H1 results in August showing a 45 % increase in profits compared to same period last year. Built on a consistent year-on-year increase, client collateral deposits are at almost DKK 100 billion (approx. EUR 13.5 billion euro).