Saxo Bank to sell fintech JV to Geely Group
Strengthening its focus on core business and markets, multi-asset investment specialist Saxo Bank divests its stake in Saxo Geely Tech Holding A/S (Saxo Fintech) with the sale to Geely Group and receives Saxo Bank shares as part of the transaction.
As part of this transaction, Saxo Bank will receive its own shares in return – equivalent to approximately 2% of the outstanding Saxo Bank shares. Consequently, the new ownership structure of Saxo Bank will consist of:
- Geely Financials Denmark: 49.88%
- Fournais Holding: 28.09%
- Sampo: 19.83%
- Minority shareholders: 2.20%
With this agreement, Geely Group will acquire all shares previously held by Saxo Bank in Saxo Fintech, resulting in Geely Group holding a 100% ownership of Saxo Fintech.
Saxo Fintech was established in 2019 as a technology joint venture with its own separate technology stack to provide financial and regulatory technology solutions to financial institutions such as banks, brokers, and fintechs in Mainland China. The ownership of the joint venture was evenly split between Saxo Bank and Geely Group.
This strategic decision aligns with Saxo Bank’s ongoing commitment to optimise its business operations and focus on core markets and clients.
The sale is subject to customary closing conditions, including regulatory approval.