Sampo submits Saxo Bank shareholder bid
Written by Chris Lemmon
Multi-asset trading firm Saxo Bank has received an offer from Nordic financial services group Sampo, to take up a stake of 19.9 per cent of the bank.
In May 2017, it was announced that Geely Financials Denmark, a subsidiary of Zhejiang Geely Holding Group, had made an offer to buy 30 per cent 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.
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 centre. 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.
The transactions are pending regulatory approvals and are expected to be finalised during the next six months.