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Saxo Bank Seeks Investment Advisors and Considers €2B Sale Amid Strategic Evaluation

Saxo Bank Seeks Investment Advisors and Considers €2B Sale Amid Strategic Evaluation

According to a report by Reuters, Denmark’s Saxo Bank is considering a potential sale, 18 months after discussions for a merger with a blank-check company fell through.

The firm, which provides digital trading and investment services, has recently solicited investment bankers to propose for an advisory role in exploring options, as per three individuals familiar with the matter who spoke on condition of anonymity.

A potential deal could place the privately held Saxo Bank’s value between 1.5 billion to 2 billion euros ($1.6 billion to $2.1 billion), stated two of the sources. The sales process might commence later this year, one of them added.

The specifics of the deal have yet to be determined and could entail the sale of either a minority or majority stake, mentioned the second source.

Chinese automaker Geely owns nearly 50% of the group, with the bank’s CEO Kim Fournais holding 28% and Finnish insurer Sampo (SAMPO.HE) owning almost 20%, according to Saxo Bank’s website.

Private equity firms are expected to express interest in Saxo Bank, according to two of the sources. Additionally, European banks and asset managers could also consider a complete sale, added the second source.

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Saxo Bank had entered talks in September 2022 to merge with a special purpose acquisition company (SPAC) and go public, but the negotiations were terminated due to “challenging market conditions”.

Although Saxo Bank’s client base reached a record of over 1.1 million last year, the group experienced a decrease in net profit to 653 million Danish krone ($93.01 million), adjusted for software write-downs related to the migration of its BinckBank acquisition and the divestment of its Saxo Fintech joint venture.

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