J. Safra Sarasin has agreed to acquire the remaining stake in Saxo Holding held by founder Kim Fournais, moving from majority shareholder to sole owner of the Danish online trading and investment group. The transaction follows the completion of J. Safra Sarasin's earlier purchase of about 71% of Saxo Bank in March 2026, after approvals from Swiss and Danish regulators. The deal will give the Swiss private bank indirect ownership of 100% of Saxo Bank, subject to customary regulatory approvals, with financial terms not disclosed. Fournais retained about 28% of the business after the March 2026 transaction, stepped down as chief executive, and became chairman of the board. Under the new agreement, Fournais will exit as a shareholder while remaining chairman, giving J. Safra Sarasin full economic control while keeping Saxo's founder involved in the bank's strategic direction. The Swiss group said Saxo Bank will continue to operate as an independent entity after the transaction.
J. Safra Sarasin Completes Two-Stage Acquisition of Saxo Bank
The full takeover marks the final step in a process that began in March 2025, when J. Safra Sarasin agreed to buy roughly 70% of Saxo Bank for about €1.1 billion. That deal implied a total valuation of approximately €1.6 billion and included Geely's 49.9% holding and Mandatum's 19.8% stake. Regulatory approvals took nearly a year before the majority acquisition closed in early March 2026.
At completion, Daniel Belfer, previously chief executive of Bank J. Safra Sarasin, became Saxo Bank's CEO. Elie Sassoon succeeded Belfer at the Swiss private bank. The governance changes were framed as part of a broader integration plan while keeping Saxo as a standalone operating business.
The latest agreement simplifies that structure by removing the last major minority shareholder and giving J. Safra Sarasin full control over future capital allocation, platform investment, and strategic integration. For Saxo, the founder's continued role as chairman may help preserve continuity after a major ownership change.
J. Safra Sarasin Positions Saxo Technology as Strategic Priority
J. Safra Sarasin has positioned the Saxo acquisition as more than a traditional wealth management expansion. The group has said the deal strengthens its digital capabilities by combining its private banking franchise with Saxo's technology-driven trading and investment platform. The combined organization manages more than $460 billion in client assets.
Belfer has described technology as the main attraction of the transaction rather than simply expanding assets under management. "Saxo is all about the technology architecture," he said. "It's all about the agility to make changes that are coming to the market and adapting to customer demands quickly."
Saxo Bank was founded in Copenhagen in 1992 by Fournais and has grown into one of Europe's largest online trading and investment platforms. Its business now spans retail investors, institutional clients, and business-to-business technology services for financial firms.
Saxo Bank Reports Strongest First-Half Results in Company History
J. Safra Sarasin said Saxo expects to report the strongest first-half financial results in its history for the six months ended June 30, 2026, citing continued growth in both client numbers and assets under management.
Jacob J. Safra, chairman of the J. Safra Sarasin Group, credited Fournais with building the company over more than three decades. "Kim Fournais has built an exceptional company. His entrepreneurial spirit and relentless dedication have made Saxo a global pioneer in digital investing," Safra said.
Fournais described the sale as another stage in Saxo's development rather than a departure from the company. "Building Saxo over the past three decades has been the privilege of my professional life, and I look forward to continuing to support its strategic direction," he said.
Once regulatory approvals are obtained, J. Safra Sarasin will fully own Saxo Holding, ending a shareholder structure that included the founder, Geely, and Mandatum in recent years.
FAQ
What stake did J. Safra Sarasin acquire from Kim Fournais?
J. Safra Sarasin agreed to acquire the remaining stake in Saxo Holding held by founder Kim Fournais, approximately 28% of the business. This follows the completion of J. Safra Sarasin's earlier purchase of about 71% of Saxo Bank in March 2026. The transaction will give the Swiss private bank indirect ownership of 100% of Saxo Bank, subject to customary regulatory approvals.
Why did J. Safra Sarasin acquire Saxo Bank?
J. Safra Sarasin positioned the Saxo acquisition as strengthening its digital capabilities by combining its private banking franchise with Saxo's technology-driven trading and investment platform. Daniel Belfer described technology as the main attraction, stating "Saxo is all about the technology architecture" and "the agility to make changes that are coming to the market and adapting to customer demands quickly." The combined organization manages more than $460 billion in client assets.
What financial results did Saxo Bank report for the first half of 2026?
J. Safra Sarasin said Saxo expects to report the strongest first-half financial results in its history for the six months ended June 30, 2026, citing continued growth in both client numbers and assets under management.
