Denmark’s Saxo Bank has completed the sale of its stake in Saxo Geely Tech Holding A/S (Saxo Fintech) to Geely Group, an automotive company based in Hangzhou, China.
Facts
- Saxo Fintech was a joint venture between Saxo Bank and Geely Group, established in 2019 to connect banks and fintechs in Mainland China with Saxo’s financial and regulatory technology.
- Geely Group, the majority shareholder of Saxo Bank, acquired Saxo Bank’s stake in Saxo Fintech through a share transaction, resulting in Geely’s full ownership of the venture.
- Geely’s ownership in Saxo Bank decreased from 52% to 49.88% due to the deal, making it the bank’s majority shareholder.
- Other major shareholders in Saxo Bank include Fournais Holding, with a 28.09% stake, and Sampo/Mandatum, holding a 19.83% stake.
- Saxo Bank’s sale of its stake in Saxo Fintech aims to optimize its business operations and focus on core markets and clients.
