J. Safra Sarasin Group Completes the Acquisition of Majority Stake in Saxo Bank

WHY THIS MATTERS:
Safra Sarasin Group’s acquisition of a 71% majority stake in Saxo Bank brings together traditional private banking stability with a globally recognised digital trading platform. With combined client assets exceeding USD 460 billion, the transaction strengthens Safra Sarasin’s strategy of selectively acquiring innovative financial services businesses that complement its core wealth and asset management franchise.

For Saxo Bank, joining a family-owned global banking group provides long-term capital backing and regulatory depth while preserving its digital-first investment and trading capabilities. The deal reflects a broader industry trend: established wealth managers acquiring fintech-native platforms to accelerate digital transformation without building from scratch.

Safra Sarasin Group, a global leader in private banking and wealth management, has  completed its acquisition of the majority stake in Saxo Bank, a prominent international  FinTech bank serving investors, traders, and institutional partners. This transaction  marks a significant milestone for both companies, enabling enhanced global potential  and strategic growth.  

The transaction has received all necessary approvals, including from the Swiss Financial  Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority  (DFSA). 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. Kim Fournais retains approximately 28% ownership of Saxo  Bank. The transaction will enhance the global long-term potential of both J. Safra Sarasin  Group and Saxo Bank, with combined client assets of over USD 460 billion. 

The completion of the transaction reflects J. Safra Sarasin Group’s strategy of  undertaking selective acquisitions in innovative and diversified financial services  businesses, complementing its established private banking, wealth management, and  asset management activities with advanced digital capabilities. By combining banking  stability with fintech agility, J. Safra Sarasin Group is positioned uniquely on the global  stage, poised to offer a compelling industry-leading proposition that aligns with both  current and future client expectations. 

For Saxo Bank, this transaction represents an unparalleled opportunity to fortify its  foundation for sustained growth. As part of the J. Safra Sarasin Group, Saxo Bank is well equipped to continue delivering its award-winning investment and trading platforms and  state-of-the-art products to clients and partners. 

Organisational changes following the acquisition 

With the acquisition, Kim Fournais will become Chairman of the Board of Saxo Bank.  Saxo Bank is pleased to announce the appointment of Daniel Belfer as its new CEO.  Daniel Belfer joins from a role as CEO of Bank J. Safra Sarasin and has nearly three  decades of experience in the financial industry, 26 of which have been devoted to the  J. Safra Sarasin Group.

Bank J. Safra Sarasin has appointed Elie Sassoon as its new Chief Executive Officer. Elie  Sassoon, member of the Group Executive Board and previously responsible for the  Private Banking of Bank J. Safra Sarasin, has been in the J. Safra Group for 49 years. 

Apart from the changes to top management and Chairman of the Board of Directors, a  new governance structure and leadership framework will be implemented at Saxo Bank: 

Henrik Juel Villberg, Deputy COO and Head of Group Client Journeys, who has worked  in Saxo Bank for more than 20 years, 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 Carloto, CRCO. 

Commenting on the transaction, Jacob J. Safra, Chairman 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.” 

Commenting on the transaction, Kim Fournais, CEO and Founder of Saxo Bank, 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.” 

Commenting on his new role as future CEO of Saxo Bank, Daniel Belfer said:  

“Today marks a defining moment for Saxo Bank. Stepping into the role of CEO of Saxo  Bank is a real privilege, and I am looking forward to working together with the Board, the  rest of the management team and all employees to strengthen Saxo’s foundation while  accelerating our ambition – bringing together Saxo Bank’s digital, client-first innovation  with J. Safra Sarasin’s legacy of stability, prudent risk management, and enduring client relationships. Together, we will serve our clients even better and build a platform for  enduring growth in a fast-changing financial world.” 

FF NEWS TAKE:
This is a strategic convergence of legacy banking and fintech infrastructure. Safra Sarasin gains scalable digital trading and platform technology, while Saxo gains balance sheet strength and global private banking distribution.

The leadership reshuffle signals integration intent, not passive ownership. If managed well, the combination could create a differentiated hybrid model — pairing Saxo’s digital agility with Safra Sarasin’s risk discipline and long-term stewardship in a consolidating wealth management landscape.