Strategic Fintech Acquisition: Safra Group Expands with €1.6B Saxo Bank Deal

J. Safra Sarasin Group has agreed to acquire a 70% stake in Denmark’s Saxo Bank for approximately €1.1 billion. The Swiss private banking institution announced the strategic acquisition on March 10, 2025, marking a significant expansion in the European financial services sector.

The deal values Saxo Bank at €1.6 billion ($1.7 billion) and represents J. Safra Sarasin’s second-largest transaction ever. This acquisition aligns with the Swiss bank’s strategy of investing in innovative financial businesses while expanding its global footprint.

Saxo Bank, founded in Copenhagen in 1992, will continue to operate as a standalone entity. Kim Fournais, founder and CEO, will maintain his leadership position while retaining approximately 28% ownership.

The remaining shares were previously held by Geely Financials Denmark and Mandatum Group. The transaction combines two complementary financial powerhouses. J. Safra Sarasin manages client assets worth $247 billion, while Saxo Bank oversees $118 billion.

Saxo’s expertise in digital investments and trading platforms will enhance J. Safra Sarasin’s wealth management solutions. Jacob Safra, Chairman of J. Safra Sarasin Group, called the acquisition “a significant milestone” that creates new opportunities for expansion.

The deal strengthens the bank’s competitive edge while demonstrating its commitment to entrepreneurship and sustainability. For Saxo Bank, joining the J. Safra Sarasin Group provides a solid foundation for future growth.

A Strategic Move in Wealth Management

The partnership will enable Saxo to strengthen its banking-as-a-service partnerships with financial institutions worldwide. Daniel Belfer, Executive Officer at J. Safra Sarasin, described the acquisition as “a transformative step” that prepares the bank for the future of wealth management.

The deal allows Safra to broaden its client base, as both banks serve different market segments. The acquisition happens amid record profits in European finance, which has triggered numerous mergers across the continent.

The transaction requires approval from regulatory authorities, including Swiss and Danish financial regulators. J. Safra Sarasin plans to integrate Saxo’s technology platform, establishing new standards for innovation and client experience in the wealth management industry.