Wealth management and private banking group, J. Safra Sarasin, has officially acquired a 71% stake in Saxo bank. The acquisition will mean the combined firm oversees more than $460bn of client assets.
The transaction, which has been given the green light by the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA), will see Saxo founder Kim Fournais retain 28% ownership. The rest of Saxo was previously owned by Geely Financials Denmark A/S, Mandatum Group and other minority shareholders.
Following the acquisition, Fournais will step down as CEO to chair the firm’s board of directors, while Bank J. Safra Sarasin’s CEO Daniel Belfer will become the new chief executive. Belfer has almost 30 years of experience within financial services, with 26 of them having been spent at J. Safra Sarasin Group.
See also: Nuveen’s £10bn acquisition of Schroders is a ‘structural shift for the industry’
To fill Belfer’s former role, Bank J. Safra Sarasin has appointed Elie Sassoon – who has worked within the J. Safra group for 49 years – as its new CEO. A raft of other appointments have been made following the implementation of a new governance structure and leadership framework.
Jacob J. Safra, chair of J. Safra Sarasin Group, said: “We are proud to have completed this transaction, and we are excited by what the future will bring. As we open this new chapter, I would like to welcome all clients, partners, and employees of Saxo Bank to our group.
“Together, we will build on Saxo Bank’s pioneering spirit with the strength and long-term perspective of J. Safra Sarasin to redefine the client experience in financial services.”
CEO and founder of Saxo Bank Fournais added: “Today represents a significant milestone for Saxo Bank, our dedicated employees, valued clients, and trusted partners, and for me personally. I am incredibly proud of what we have built together since I founded Saxo Bank in 1992, and I feel great comfort knowing that Saxo Bank has found its ideal long-term shareholder.
“We have worked diligently over the years to elevate Saxo Bank for the benefit of our clients, partners, and employees. With J. Safra Sarasin Group as our new majority shareholder, we are now part of a family-owned banking group that boasts a rich heritage and a long-term vision.
“I am pleased to pass on the torch as CEO to Daniel Belfer, whose expertise and leadership will guide Saxo Bank into this exciting new chapter. As we welcome J. Safra Sarasin, we extend our sincere gratitude to the departing board of directors and to Geely and Mandatum for their invaluable support and leadership.”
