Saxo Bank Welcomes Geely Holding Group and Sampo plc as Strategic Investors and Announces New Chairman and Board Members

Saxo Bank Welcomes Geely Holding Group and Sampo plc as Strategic Investors and Announces New Chairman and Board Members
14.09.2018 10:33 am

Saxo Bank Welcomes Geely Holding Group and Sampo plc as Strategic Investors and Announces New Chairman and Board Members

Banking

In October 2017, shareholders of the Saxo Bank Group ("Saxo”) announced an offer received from Geely Financials Denmark A/S, a subsidiary of Geely Holding Group, to acquire a majority stake in Saxo Bank. At the same time, Sampo, a leading Nordic financial services group, made an offer to acquire a 19.9 percent interest in the Bank.

The closing of the transactions means that TPG Capital, Lars Seier Christensen and SinarMas sell their interests in Saxo Bank amounting to 29.26 percent, 25.71 percent and 9.9 percent respectively. Some minority shareholders have also agreed to sell their shares to Geely Holding Group and Sampo resulting in stakes of 52 percent and 19.9 percent respectively. CEO and Founder Kim Fournais’ share of 25.71 percent of the Bank remains unchanged.

The transaction values Saxo Bank at EUR 1.325 bn.

In proportion to Saxo Bank’s international presence the process of closing the transactions has been subject to regulatory approvals from 11 different financial and competition authorities with Geely Holding Group and Sampo receiving approval to buy the shares from the Danish FSA earlier this year.

At an extraordinary general meeting on 13 September 2018, the shareholders of Saxo Bank agreed to change the composition of the Board of Directors with Daniel Donghui Li, Chief Financial Officer and Executive Vice President of Geely Holding Group becoming the Chairman of Saxo Bank and Henrik Normann Vice-chairman. After the general meeting, Saxo Bank’s board consists of:

  • Daniel Donghui Li, Chairman
  • Henrik Normann, Vice-chairman
  • Ian Zhang, Board Member
  • Preben Damgaard, Board Member
  • Patrick Lapveteläinen, Board Member

CEO and Founder, Kim Fournais, said:

“Today, we proudly welcome Geely and Sampo as shareholders. It is an important milestone for Saxo Bank and for me personally as CEO, founder and shareholder. The track-records of both Geely and Sampo are unparalleled and I am confident that the new ownership structure will provide us with the right foundation to deliver long term growth. With Geely as a shareholder, we will benefit from a strong position in growth markets in the Asia region, with Greater China at its core.  At the same time Sampo, as the leading blue-chip investor in the Nordic financial industry, further strengthens our Nordic foundation.”

Daniel Donghui Li, Chief Financial Officer and Executive Vice President of Geely Holding Group and Chairman of the board at Saxo Bank, said: 

“We believe that Saxo Bank’s technologies and products can be effectively expanded across Asia, where we hope to build on its strong reputation in global financial and regulatory technology. This is expected to generate synergies from the development of financial services in the Chinese market.”

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

“Saxo Bank is one of the most interesting companies in the Nordic fintech sector. Saxo Bank’s unique and highly advanced trading and investment platforms are, in our view, the best in the market and have great potential globally. We are excited to be part of this success story.”

In due course, Saxo Bank and its new shareholders will announce potential new areas of cooperation and partnerships to enable the business to capitalize fully on its financial technology capabilities around the world.

Related News

Trying to understand blockchain? Here's a simple explanation

In the last two years, technologists and storytellers have struggled to explain blockchain in simple terms that everyone can understand.  At its core, blockchain is a digital... Read more »

Trustly opens office in Helsinki to meet increasing demand from Finnish online businesses

Trustly, the European payments company, today announces that it has opened a new office in Helsinki to meet a growing demand for its fast, simple and safe payment method from... Read more »

Commerzbank and Societe Generale have signed a Business Purchase Agreement for Commerzbank’s Equity Markets & Commodities business (EMC)

Commerzbank and Societe Generale announce the signature of a Business Purchase Agreement for Commerzbank’s Equity Markets & Commodities business (EMC). On 3 July 2018, both... Read more »

Íslandsbanki invests €3 million in Meniga’s digital banking solutions

Meniga, the global leader in digital banking solutions, today announced a €3 million investment from Íslandsbanki, bringing the total investment in the company from banks this... Read more »

Fenergo Expands into Private Banking and Wealth Management

Fenergo, the leading provider of Client Lifecycle Management solutions (CLM) and services for financial institutions, has announced its expansion into Private Banking and... Read more »

Deutsche Bank references new Solactive China Consumers Index as Underlying for Tracker Certificate

Chinese households possess a huge spending capacity. From 2010 to 2017, the retail sales of consumer goods in China accumulated from 158 bn RMB (22.7 bn USD) to more than 366... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App