J. Safra Sarasin Completes Acquisition of Majority Stake in Saxo Bank
Private banking group J. Safra Sarasin has finalized its acquisition of a 71% stake in Danish online broker Saxo Bank.
First announced in March 2025, the deal recently secured approval from Swiss and Danish regulators. The shares were acquired from Geely Financials Denmark, Mandatum Group, and other minority holders. Saxo Bank founder Kim Fournais retains the remaining 28% ownership and will transition from CEO to Chairman of the Board.
The transaction valued Saxo Bank at €1.609 billion, an adjustment from initial figures following a $50 million anti-money laundering fine imposed by the Danish FSA earlier this year.
Effective immediately, Daniel Belfer has been appointed Saxo Bank's new CEO. Belfer joins from J. Safra Sarasin, where he served as CEO for six years, and will relocate to Copenhagen.
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