J. Safra Sarasin to buy remaining Saxo Bank stake

J. Safra Sarasin Group has agreed to get the remaining indirect involvement successful Saxo Holding held by Kim Fournais, successful a determination that volition springiness it afloat ownership of Saxo Bank.

The involvement represents astir 28.69%. The statement follows Bank J. Safra Sarasin's workout of a telephone enactment nether the shareholders statement betwixt the parties.

Once the transaction is completed, Bank J. Safra Sarasin volition ain 100% of Saxo Holding and, indirectly, Saxo Bank.

Saxo Bank volition proceed to run arsenic a abstracted entity.

Kim Fournais volition stay president of Saxo Bank's Board of Directors.

Fournais said: "Today's announcement is afloat aligned with the imaginativeness agreed with J. Safra Sarasin, and represents the adjacent earthy measurement successful Saxo's evolution.

"Building Saxo implicit the past 3 decades has been the privilege of my nonrecreational life, and I look guardant to continuing to enactment its strategical direction."

The transaction is taxable to customary regulatory approvals. Its fiscal presumption person not been disclosed.

J. Safra Sarasin Group had already completed the acquisition of a bulk involvement successful Saxo Bank successful March this year, aft receiving the required regulatory clearances.

That woody progressive the acquisition of astir 71% of Saxo Bank shares from Geely Financials Denmark, Mandatum Group and different number shareholders.

The bulk involvement acquisition was archetypal announced successful March past year.

J. Safra Sarasin Group president Jacob Safra said: "Kim Fournais has built an exceptional business, and his entrepreneurial tone and relentless committedness person made Saxo a planetary person successful integer investing.

"This milestone reflects our semipermanent perspective, and we are committed to preserving Saxo's unsocial strengths portion supporting its adjacent signifier of sustainable growth."

"J. Safra Sarasin to bargain remaining Saxo Bank stake" was primitively created and published by Private Banker International, a GlobalData owned brand.