The owners of Saxo Bank A/S ("Saxo”), a leading online platform for traders and investors, namely, Geely Financials Denmark A/S (“Geely”), a subsidiary of Zhejiang Geely Holding Group Co. Ltd, Fournais Holding A/S (“Fournais Holding”), and Mandatum Group ("Mandatum”) (collectively, the “Shareholders") have decided to initiate a review of strategic opportunities. The objective is to provide Saxo with the best possible foundation to continue its growth journey, serve clients and partners, and further develop its employees and company culture.
Founded by CEO Kim Fournais in 1992, Saxo launched one of the first online trading platforms in Europe in 1998, providing professional-grade tools and easy access to global financial markets. Since Geely and Mandatum1 invested in 2018, Saxo has experienced substantial growth and achieved several significant milestones. Today, more than 1.2 million clients entrust Saxo with over DKK 800 billion in client assets. This is an increase from fewer than 200,000 clients and a little more than DKK 110 billion in client assets just over five years ago.
Saxo continues to execute on its strategic plan of becoming the preferred bank for investors, traders, and institutional partners in Europe, with a strong presence in MENA and APAC, and has welcomed more than 130,000 new clients year to date. In a testament to its robust financial health, S&P Global Ratings recently upgraded Saxo Bank’s credit rating to 'A-', reflecting a strengthened financial profile and improved capital buffers in line with the requirements for systemically important financial institutions (SIFIs).
Saxo and the Shareholders have collectively appointed Goldman Sachs International as financial advisor to assist them with the review of strategic opportunities.
There can be no assurance regarding the results or outcome of the review of strategic opportunities. Subject to compliance with its ongoing disclosure obligations pursuant to applicable laws and regulations, Saxo undertakes no obligation to make any further announcements regarding the review of strategic opportunities unless and until final decisions are made.
- The investment in Saxo was made by Sampo, the former parent company of Mandatum. Mandatum was separated from Sampo on 1 October 2023 through a partial demerger.
Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting for Saxo and the Shareholders and no one else in connection with the strategic review and will not be responsible to anyone other than Saxo and the Shareholders for providing the protections afforded to clients of Goldman Sachs International, or for giving advice in connection with the strategic review or any matter referred to herein.
