Sampo announces completion of Saxo Bank deal

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.”