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China's Geely group to take majority stake in Denmark's Saxo Bank
October 2, 2017 / 8:23 AM / in 16 days

China's Geely group to take majority stake in Denmark's Saxo Bank

COPENHAGEN, Oct 2 (Reuters) - Chinese automotive group Geely will increase its stake in Denmark’s Saxo Bank to 51.5 percent while Finland’s Sampo Oyj will take a stake of 19.9 percent, Saxo said on Monday.

Sampo said in a separate announcement that it would pay 265 million euros ($311 million) for its stake. Saxo Bank said Geely would pay the same price.

Geely, which owns carmaker Volvo, said in May it would take a 30 percent stake in Saxo Bank.

Saxo Bank derives most of its income from its online trading platform, and Geely said on Monday that it believed the Danish firm’s technologies could be expanded across Asia.

Current Saxo Bank shareholders TPG Capital and SinarMas have accepted the offers from Geely and Sampo and will sell all of their shares, while co-founder and CEO Kim Fournais’ stake of 25.71 percent will remain unchanged, Saxo Bank said.

$1 = 0.8522 euros Reporting by Teis Jensen; editing by Jacob Gronholt-Pedersen and Jason Neely

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