Safra Sarasin Is Said to Explore Deal for Denmark’s Saxo Bank

(Bloomberg) — Bank J. Safra Sarasin is exploring a potential acquisition of Denmark’s Saxo Bank A/S, according to people familiar with the matter.

The Swiss bank has been holding talks with Saxo Bank about a possible transaction, the people said, asking not to be identified because talks are private. Some other suitors have dropped out of the bidding after failing to reach an agreement, according to the people. 

Saxo said in July that it hired Goldman Sachs Group Inc. to sell itself. The firm’s major shareholders include Geely Holding Group, Finland’s Mandatum Oyj and founder Kim Fournais. Interactive Brokers Group Inc. and a consortium of Altor Equity Partners and Centerbridge Partners were among suitors that showed initial interest in Saxo, Bloomberg News reported in October.

There’s no certainty that Safra Sarasin’s deliberations will lead to a deal, and another buyer could emerge, the people said. Representatives for Safra Sarasin and Saxo Bank declined to comment. 

Any successful transaction would add to a flurry of deals in the European financial services sector driven by lenders looking for ways to deploy their excess cash and private equity funds exiting their banking investments. 

Saxo had about €109 billion ($112 billion) of client assets on its trading platform at the end of June last year. It was set up in 1992 and until 2017 run by co-founders Fournais and Lars Seier Christensen, who turned it into one of Europe’s largest trading platforms. 

In 2017, Seier Christensen left the bank and sold his 25.71% stake to Geely in a deal that valued Saxo at €1.325 billion. Geely now owns almost 50% of the company.

Fournais has since stayed on as chief executive officer, locally known as the outspoken face of Saxo Bank and famous for buying a small Danish island to set up his private luxury resort and yacht facilities. He’s also known for flying his own plane to client meetings.

Bank J. Safra Sarasin is part of a family-owned banking empire that spans Brazil, Switzerland and the US built by deceased billionaire Joseph Safra, who acquired private Swiss bank Sarasin in 2011. The firm focuses on wealth and asset management and oversaw about 204 billion Swiss francs ($223 billion) as of the end of 2023, its website shows. 

Privately-held Safra Sarasin in December completed the acquisition of medtech investment specialist MIV Asset Management AG for an undisclosed amount.

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