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Chinese manufacturer Geely, new maximum shareholder of Saxo Bank

Automotive News

The owner of the Norwegian automaker Volvo will have a 51.5% stake in online trading

Geely is the Chinese owner of the Norwegian automaker Volvo that today has done with the Danish investment bank specializing in online trading Saxo Bank. With a 51.5% stake, the first independent car manufacturer in the People’s Republic of China has announced that it will be the main shareholder of the bank based in Copenhagen and was created as an online broker in 1992 under the name Midas Fondsmæglerselskab.

Helsinki-based Finnish insurer Sampo will be the third largest shareholder with almost 20%. TPG Capital and SinarMas, who owned 29.26% and 9.9% respectively, have accepted Geely and Sampo’s offerings and will divest 100% of their shares in Saxo.

The participation of the bank’s co-founder and CEO Kim Fournais, which amounts to 25.71%, remains unchanged. Fournais has pointed out that Saxo Bank’s main desire is to foster long-term growth by recalling that Geely “is well-known for its strong execution power and ability to foster growth and entrepreneurship,” while Sampo “has a long and impressive history in financial services that will bring great wealth. ”

With 1,600 employees in 18 countries, Saxo generated a net profit of about 40 million euros last year. The acquisitions of Geely and Sampo will be the next months pending approval by the authorities.

Geely announced in May that it had reached an agreement to acquire Saxo’s 30% stake, from which point the interest of the Chinese by the Danish company has grown, underlining China’s drive to take advantage of the experience of European financial companies. Geely Chief Financial Officer and Executive Vice President Daniel Donhui said: “Saxo Bank’s technology and product value can still be driven very effectively, fundamentally in the Asian market, and despite its already strong reputation for global level ‘.

Sampo CEO and President Kari Stadigh stressed the relevance of the trading platform, which he described as “the best on the market”: “We are excited to be involved in the development of Saxo Bank,” Stadigh said.

ABC – PABLO M. DÍEZJ. P. JOFRÉ – Berlin – 10/03/2017

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