Sampo announces completion of Saxo Bank deal

Maria Nikolova

Co-founder and CEO of Saxo Group Kim Fournais’ stake of 25.71% remains unchanged, Sampo says.

Nordic financial services group Sampo Oyj (CPH:SAMPO) has earlier today announced the completion of its deal with multi-asset investment expert Saxo Bank.

The filing with the London Stock Exchange notes that Sampo announced on October 2, 2017 that it will buy 19.9% of shares in Saxo Bank Group for EUR 265 million. At the same time, Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co., Ltd, announced that it will increase its stake to 51.5% in Saxo.

The parties of the transaction have now received all the regulatory approvals required. Thus, the transaction will be completed as agreed. Co-founder and CEO of Saxo Group Kim Fournais’ stake of 25.71% remains unchanged, Sampo says.

Back in October 2017, when the deal was announced, Daniel Donghui Li, Chief Financial Officer and Executive Vice President of Geely Group, said:

“We have found Saxo Bank to be an extremely strong partner for many of Geely’s investment partners across the Greater China region. We at Geely Group believe that Saxo Bank’s technologies and product value can be effectively expanded across the Asian region, which is why we are willing to offer to buy more shares in Saxo Bank. Over the past decade Saxo Bank has developed a strong reputation in global financial and regulatory technology, which we hope to strengthen in the Asia region in the coming years.”

Kari Stadigh, Chief Executive Officer and President, Sampo Group, back then commented:

“Saxo Bank is an exceptionally interesting unicorn in the Nordic fintech area and Sampo is excited to participate in developing its global reach further. Saxo has a unique trading platform which, in our view, is the best in the market and offers great potential globally for white labelling to financial institutions, investors and family offices.”

Read this next

Retail FX

Eurotrader taps MahiMarkets’ cross-asset trading technology for pricing and risk management

Eurotrader has tapped MahiMarkets’ cross-asset trading technology to manage its pricing and risk management on its fully licensed and regulated retail brokerage operation covering forex, stocks, indices, and commodities. 

Technology

STT doubles user base as Sterling OMS adopted by TradeZero, Avenue, Banco C6

Sterling Trading Tech (STT) has announced record growth of its order management system (OMS) offering, doubling its user base throughout the second half of 2022.

Retail FX

CMC Invest announces flexible stocks and shares ISAs amid changes in UK policy

In addition to a flexible ISA, the Plus plan provides members with a USD currency wallet for their general investment account (GIA), alongside the default GBP wallet that comes with all CMC Invest accounts. This means users will hold both a GBP wallet and a USD wallet. Saving customers money on FX fees.

Executive Moves

The Trading Pit snatches Skilling Daniela Egli from Skilling to lead Cyprus operation

“We feel privileged to have Daniela join The Trading Pit and bring her extensive expertise to our prop trading firm. We are confident in The Trading Pit’s ambition to provide the ultimate global trading environment for talented traders to enhance their skills and eventually become professional fund managers.”

Industry News

Worldpay taps SheerID to allow merchants to better target their audiences

SheerID verifies over 2.5 billion people via 20,000 authoritative data sources; provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data.

Crypto Insider

Cardano (ADA) Price For 2022-23: Buy Cardano With NAGAX

Cardano (ADA) is probably one of the most renowned and well-known cryptocurrencies out there at the moment and is currently available on the majority of the crypto exchanges and platforms in the market.

Retail FX

ACY Securities recognized by Salvation Army NSW for its support to charity work

““Sitting in the backyard of those family friends, to see the devastation the floods had brought, was a real eye-opener, and a testimony to the Salvos who were on the ground helping every one of those in need during the recent NSW floods.”

Executive Moves

BNP Paribas announces senior executives of Global Markets Americas division

French bank BNP Paribas has appointed several senior executives to its Global Markets Americas division, demonstrating its ambition to grow its Global Equities, Global Credit, and Global Macro franchises in the region. 

Technology

Match-Trade expands partnership with Takeprofit Tech

California-based FX technology provider Match-Trade Technologies has expanded its partnership with fintech software developer Takeprofit Tech.

<