공지 • Mar 02
J. Safra Sarasin Holding Ltd. completed the acquisition of 71% stake in Saxo Bank A/S from Geely Financials Denmark A/S, Mandatum Oyj (HLSE:MANTA) and others.
J. Safra Sarasin Holding Ltd. signed an agreement to acquire 71% stake in Saxo Bank A/S from Geely Financials Denmark A/S, Mandatum Oyj (HLSE:MANTA) and others for €1.1 billion on March 10, 2025. The acquisition involves J. Safra Sarasin Group acquiring approximately 71% of Saxo Bank, previously held by Geely Financials Denmark A/S, Mandatum Group and other minority shareholders. Mandatum will sell 19.83% stake for €319 million. Complete terms of the transaction were not disclosed however industry speculation pegs the deal value of approximately €1.1 billion, as reported by www.reuters.com. Post completion of the acquisition, Saxo Bank will continue to operate as a standalone entity, with its founder and Chief Executive Officer, Kim Fournais, continuing as Chief Executive Officer and retaining approximately 28% ownership, underscoring the stability and continuity of the Business, and reinforcing its long-term vision of creating value for all clients, partners and employees. Mandatum’s share of the original purchase price of approximately €319 million might be subject to a downward adjustment.
The Danish Financial Supervisory Authority announced today that it has imposed an administrative fine of DKK 313 million on Saxo Bank due to an inspection focused on the anti-money laundering area. The inspection did not find any instances or signs of money laundering. As part of the sales negotiations, the parties to the transaction have agreed on an indemnity mechanism according to which the cost of a possible administrative fine will impact the value of Saxo Bank’s shares. In accordance with the share purchase agreement, the proportionate deduction due to the impact of the administrative fine to the purchase price to be received by Mandatum in connection with the closing of the transaction is approximately €8 million. The purchase price adjustment is not expected to have a material impact on Mandatum’s result upon completion.
The transaction is subject to standard regulatory and other approvals, including from the FINMA and the DFSA. As of January 23, 2026, Mandatum still expects that the transaction will be completed in early 2026 and will provide a separate announcement on the completion of the transaction and the final purchase price.
Adrian West and Nigel Seay of Travers Smith LLP acted as legal advisor for J. Safra Sarasin Holding Ltd. Patrick W. Vogel, Laurent Schmidt and Gion Giger of Walder Wyss Ltd. acted as legal advisor to J. Safra Sarasin Holding Ltd. Accura Advokataktieselskab acted as legal advisor to J. Safra Sarasin Holding Ltd. Patrick Cichy, Robin Helmke, Jan Biermann, Janina Heinz, Ilka Oberländer, Andy Robinson and Peter Stark of Freshfields LLP (Germany) acted as legal advisor for Geely Financials Denmark A/S. Ernst & Young Europe ApS acted as due diligence provider to Saxo Bank A/S. Jeppe Buskov of Kromann Reumert acted as legal advisor for Saxo Bank A/S. Norton Rose Fulbright LLP acted as legal advisor for Saxo Bank A/S. NautaDutilh N.V. acted as legal advisor for Saxo Bank A/S. Rajah & Tann acted as legal advisor for Saxo Bank A/S. Shardul Amarchand Mangaldas & Co acted as legal advisor for Saxo Bank A/S.
J. Safra Sarasin Holding Ltd. completed the acquisition of 71% stake in Saxo Bank A/S from Geely Financials Denmark A/S, Mandatum Oyj (HLSE:MANTA) and others on March 2, 2026. The purchase price received by Mandatum in the transaction completed today amounted to approximately €308 million. The original purchase price announced on March 10, 2025 has been reduced by certain items in accordance with the share purchase agreement, including the approximately €8 million downward purchase price adjustment due to the administrative fine imposed on Saxo Bank as disclosed by Mandatum on January 23, 2026.
Founder Kim Fournais CEO and Founder of Saxo Bank, retains approximately 28% ownership of Saxo Bank. With the acquisition, Kim Fournais will become Chairman of the Board of Saxo Bank. Saxo Bank is has also appointed Daniel Belfer as its new CEO. Daniel Belfer joins from a role as CEO of Bank J. Safra Sarasin. Bank J. Safra Sarasin has appointed Elie Sassoon as its new Chief Executive Officer. Henrik Juel Villberg, Deputy COO and Head of Group Client Journeys at Saxo Bank, will be appointed Deputy CEO, remain Head of Group Client Journeys, and enter Saxo Bank’s Board of Management. Julio Carloto, current COO Asia at J. Safra Sarasin in Singapore, will take on the role as Chief Risk and Compliance Officer at Saxo Bank. He will also join the Board of Management. Saxo Bank’s Board of Management will therefore consist of Daniel Belfer, CEO of Saxo Bank, Henrik Juel Villberg, Deputy CEO, Mads Dorf Petersen, CFO, and Julio Carlotto, CRCO.
The transaction has received all necessary approvals, including from the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA).
Mandatum will use the proceeds to repay a €200 million bank loan that was used to finance the acquisition of the Saxo Bank shares from Sampo plc in connection with the partial demerger.
