Safra Sarasin acquires majority stake in Saxo Bank

Safra Sarasin Bank Acquires Majority of Saxo Bank

16 May 2025 at 20: 45

Reading time: 2 minutes

Safra Sarasin, the Swiss private sofa owned by the Lebanese-Brazilian Safra family, has announced that they will acquire the majority of the shares of Saxo Bank. Saxo Bank, which serves tens of thousands of customers in Belgium, has been considering various strategic options for some time, including a sale. Now the decision has been made: Safra Sarasin is buying 70% of the shares.

The Safra family, known as the owners of the 'Gherkin Tower' in London, is taking over the shares of the Chinese Volvo shareholder Geely and the Finnish insurer Sampo. Geely owned 50% of the shares until recently and Sampo 20%. Kim Fournais, founder and CEO of Saxo Bank, retains its 28% stake. The deal values Saxo Bank at €1,6 billion, earning Geely around €1,1 billion and Sampo around €319 million.

About Safra Sarasin and Saxo Bank

Safra Sarasin is owned by the Lebanese-Brazilian Safra family, which also controls Banco Safra, one of Brazil's largest financial institutions. They also own 50% of the banana company Chiquita.

Saxo Bank entered the Belgian market in 2019 through the acquisition of Binck Bank from the Netherlands. The bank has tens of thousands of Belgian customers and has been reprimanded by regulators in the past for selling risky products to inexperienced investors. The Danish, Dutch and French financial regulators have ordered the bank to improve its anti-money laundering procedures.

Questions & Answers

Who buys the majority of Saxo Bank shares?

Swiss private bank Safra Sarasin, owned by the Lebanese-Brazilian Safra family, is buying 70% of the shares of Saxo Bank.

Who were the previous owners of the shares that Safra Sarasin acquired?

The shares were previously held by Chinese Volvo shareholder Geely, which owned 50%, and Finnish insurer Sampo, which owned 20% of the shares.

What were some of the recent issues with Saxo Bank?

Saxo Bank has been reprimanded by regulators in the past for selling risky products to inexperienced investors. The bank has been ordered by several financial regulators to improve its anti-money laundering procedures.

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