Switzerland $460 Billion Private Bank J. Safra Sarasin Group Buys Remaining 28.69% Stake (Exercised Call Option) in Saxo Bank Having Completed 71% Majority Stake Acquisition in Saxo Bank at $1.7 Billion Valuation (€1.6 Billion) in 2026, Saxo Bank Founder Kim Fournais Will Remain as Saxo Bank Chairman
7th July 2026 | Hong Kong
Switzerland private bank J. Safra Sarasin Group ($460 billion AUM) has announced to buy the remaining 28.69% stake (Exercised call option) in Saxo Bank, having completed the 71% majority stake acquisition in Saxo Bank at $1.7 billion valuation (€1.6 billion) in 2026. Saxo Bank founder Kim Fournais will remain as Saxo Bank Chairman. Announcement (6/7/26): “Bank J. Safra Sarasin has today announced an agreement to acquire the remaining stake held indirectly by Kim Fournais in Saxo Holding AG, representing approximately 28.69%, following Bank J. Safra Sarasin’s exercise of a call option in the shareholders agreement entered between the parties. Kim Fournais will remain Chairman of the Board of Directors of Saxo Bank. Upon completion of the transaction, Bank J. Safra Sarasin will own 100% of Saxo Holding AG and, indirectly, of Saxo Bank, reinforcing the Bank’s long-term ownership structure while ensuring continuity for clients, partners and employees. Backed by the strength of the J. Safra Sarasin Group, Saxo Bank will have all the resources needed to accelerate its growth and development, further strengthening its position among one of the leading players in online investing. Saxo Bank will continue to operate as a separate entity. Kim Fournais will continue to contribute to Saxo Bank’s long-term success as Chairman of the Board of Directors. Saxo Bank continues to deliver strong commercial momentum and expects to report the best half-year results in its history as of 30 June 2026, driven by continued growth in number of clients and assets under management. Closing of the transaction is subject to standard regulatory approvals. The terms of the transaction remain confidential.” In 2026 March, J. Safra Sarasin Group completed the 71% majority stake acquisition in Saxo Bank at $1.7 billion valuation (€1.6 billion) with Saxo Bank founder Kim Fournais retaining 28% stake, and announced key appointments with 1) Kim Fournais appointed as Chairman of Saxo Bank, 2) Bank J. Safra Sarasin CEO Daniel Belfer appointed as Saxo Bank CEO, 3) Board Member Elie Sassoon appointed as Bank J. Safra Sarasin CEO, 4) Henrik Juel Villberg appointed as Saxo Bank Deputy CEO in addition to role as Head of Group Client Journeys, 5) Julio Carloto appointed as Saxo Bank Chief Risk and Compliance Officer. The Saxo Bank new management team members are 1) Daniel Belfer (CEO), 2) Henrik Juel Villberg (Deputy CEO), 3) Mads Dorf Petersen (CFO) & 4) Julio Carloto (CRCO), J. Safra Sarasin Group & Saxo Bank have combined $460 billion AUM. In 2025 March, J. Safra Sarasin Group ($247 billion AUM) announced to buy around 70% (69.7%) of Denmark Saxo Bank ($118 billion client assets) at $1.73 billion valuation (€1.6 billion), with Saxo Bank founder & CEO Kim Fournais retaining around 28% shareholding. Saxo Bank was founded in 1992 in Denmark.
“ Switzerland $460 Billion Private Bank J. Safra Sarasin Group Buys Remaining 28.69% Stake (Exercised Call Option) in Saxo Bank Having Completed 71% Majority Stake Acquisition in Saxo Bank at $1.7 Billion Valuation (€1.6 Billion) in 2026, Saxo Bank Founder Kim Fournais Will Remain as Saxo Bank Chairman “
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Jacob J. Safra, Chairman of J. Safra Sarasin Group:”Kim Fournais has built an exceptional business, and his entrepreneurial spirit and relentless commitment have made Saxo a global leader in digital investing. This milestone reflects our long-term perspective, and we are committed to preserving Saxo’s unique strengths while supporting its next phase of sustainable growth.”
Kim Fournais, Chairman and Founder of Saxo Bank:”Today’s announcement is fully aligned with the vision agreed with J. Safra Sarasin, and represents the next natural step in Saxo’s evolution. Building Saxo over the past three decades has been the privilege of my professional life, and I look forward to continuing to support its strategic direction.”
J. Safra Sarasin Group – Sustainable Swiss Private Banking since 1841 As an international group committed to sustainability, J. Safra Sarasin is well established through its banks in more than 35 locations in Europe, Asia, the Middle East, Latin America and the Caribbean. A global symbol of private banking and wealth management tradition, the Group emphasises security and well-managed conservative growth for its clients. It manages total client assets of over USD 460 billion and employs about 5,000 staff, with stockholders’ equity of USD 7.1 billion.
J. Safra Group – The J. Safra Group (the “Group”), with total assets under management of USD 590 billion, consists of privately- owned banks and investment holdings in asset-based business sectors such as real estate and agribusiness. The Group’s banking interests in more than 230 locations globally, are: J. Safra Sarasin, headquartered in Basel, Switzerland; Banco Safra, headquartered in Sao Paulo, Brazil; and Safra National Bank of New York, headquartered in New York City, USA; all independent from one another from a consolidated supervision standpoint. The Group’s real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City’s 660 Madison Avenue and London’s iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. With deep relationships in markets worldwide, the Group is able to greatly enhance the value of businesses which are part of it. There are more than 32,000 employees associated with the J. Safra Group.
Saxo Bank – At Saxo Bank we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional grade tools and easy access to global financial markets for anyone who wanted to invest. Today, Saxo is an international award-winning FinTech for investors, traders, and Institutional (BaaS) partners who are serious about making more of their money. As a well-capitalised and profitable FinTech, Saxo is a fully licensed SIFI bank under the supervision of the Danish FSA, holding broker and banking licences in multiple jurisdictions. As one of the first fintechs in the world, Saxo continues to invest heavily into technology to ensure that Saxo’s clients and partners enjoy unparalleled client experience, broad access to global capital markets across asset classes on our industry-leading platforms. Saxo’s open banking technology (BaaS) powers more than 150 financial institutional partners, boosting the investment experience and the tools offered to end clients (B2B2C). Headquartered in Copenhagen and serving more than 1.7 million clients and over 400 partners in total, Saxo Bank has recently reached new highs with client assets of more than DKK one trillion and is close to breaking through the DKK 5 billion mark for revenue. Saxo Bank employs more than 2,400 professionals in financial centers around the world including London, Singapore, Amsterdam, Zurich, Dubai, and Tokyo.
J. Safra Sarasin Group Completes 71% Majority Stake Acquisition in Saxo Bank at $1.7 Billion Valuation (€1.6 Billion) with Founder Kim Fournais Retaining 28% Stake, Announced Key Appointments with 1) Kim Fournais Appointed as Chairman of Saxo Bank, 2) Bank J. Safra Sarasin CEO Daniel Belfer Appointed as Saxo Bank CEO, 3) Board Member Elie Sassoon Appointed as Bank J. Safra Sarasin CEO, 4) Henrik Juel Villberg Appointed as Saxo Bank Deputy CEO in Addition to Role as Head of Group Client Journeys, 5) Julio Carloto Appointed as Saxo Bank Chief Risk and Compliance Officer, Saxo Bank New Management Team Members are 1) Daniel Belfer (CEO), 2) Henrik Juel Villberg (Deputy CEO), 3) Mads Dorf Petersen (CFO) & 4) Julio Carloto (CRCO), J. Safra Sarasin Group & Saxo Bank Have Combined $460 Billion AUM
3rd March 2026 – Switzerland private bank J. Safra Sarasin Group ($460 billion AUM) has completed the 71% majority stake acquisition in Saxo Bank at $1.7 billion valuation (€1.6 billion) with Saxo Bank founder Kim Fournais retaining 28% stake, and announced key appointments with 1) Kim Fournais appointed as Chairman of Saxo Bank, 2) Bank J. Safra Sarasin CEO Daniel Belfer appointed as Saxo Bank CEO, 3) Board Member Elie Sassoon appointed as Bank J. Safra Sarasin CEO, 4) Henrik Juel Villberg appointed as Saxo Bank Deputy CEO in addition to role as Head of Group Client Journeys, 5) Julio Carloto appointed as Saxo Bank Chief Risk and Compliance Officer. The Saxo Bank new management team members are 1) Daniel Belfer (CEO), 2) Henrik Juel Villberg (Deputy CEO), 3) Mads Dorf Petersen (CFO) & 4) Julio Carloto (CRCO), J. Safra Sarasin Group & Saxo Bank have combined $460 billion AUM. Announcement (2/3/26): “J. Safra Sarasin Group, a global leader in private banking and wealth management, has completed its acquisition of the majority stake in Saxo Bank, a prominent international FinTech bank serving investors, traders, and institutional partners. This transaction marks a significant milestone for both companies, enabling enhanced global potential and strategic growth. The transaction has received all necessary approvals, including from the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA). The acquisition involves J. Safra Sarasin Group acquiring approximately 71% of Saxo Bank, previously held by Geely Financials Denmark A/S, Mandatum Group and other minority shareholders. Kim Fournais retains approximately 28% ownership of Saxo Bank. The transaction will enhance the global long-term potential of both J. Safra Sarasin Group and Saxo Bank, with combined client assets of over USD 460 billion. The completion of the transaction reflects J. Safra Sarasin Group’s strategy of undertaking selective acquisitions in innovative and diversified financial services businesses, complementing its established private banking, wealth management, and asset management activities with advanced digital capabilities. By combining banking stability with fintech agility, J. Safra Sarasin Group is positioned uniquely on the global stage, poised to offer a compelling industry-leading proposition that aligns with both current and future client expectations. For Saxo Bank, this transaction represents an unparalleled opportunity to fortify its foundation for sustained growth. As part of the J. Safra Sarasin Group, Saxo Bank is well- equipped to continue delivering its award-winning investment and trading platforms and state-of-the-art products to clients and partners. Organisational changes following the acquisition – With the acquisition, Kim Fournais will become Chairman of the Board of Saxo Bank. Saxo Bank is pleased to announce the appointment of Daniel Belfer as its new CEO. Daniel Belfer joins from a role as CEO of Bank J. Safra Sarasin and has nearly three decades of experience in the financial industry, 26 of which have been devoted to the J. Safra Sarasin Group. Bank J. Safra Sarasin has appointed Elie Sassoon as its new Chief Executive Officer. Elie Sassoon, member of the Group Executive Board and previously responsible for the Private Banking of Bank J. Safra Sarasin, has been in the J. Safra Group for 49 years. Apart from the changes to top management and Chairman of the Board of Directors, a new governance structure and leadership framework will be implemented at Saxo Bank: Henrik Juel Villberg, Deputy COO and Head of Group Client Journeys, who has worked in Saxo Bank for more than 20 years, will be appointed Deputy CEO, remain Head of Group Client Journeys, and enter Saxo Bank’s Board of Management. Julio Carloto, current COO Asia at J. Safra Sarasin in Singapore, will take on the role as Chief Risk and Compliance Officer at Saxo Bank. He will also join the Board of Management. Saxo Bank’s Board of Management will therefore consist of Daniel Belfer, CEO of Saxo Bank, Henrik Juel Villberg, Deputy CEO, Mads Dorf Petersen, CFO, and Julio Carloto, CRCO.” In 2025 March, J. Safra Sarasin Group ($247 billion AUM) announced to buy around 70% (69.7%) of Denmark Saxo Bank ($118 billion client assets) at $1.73 billion valuation (€1.6 billion), with Saxo Bank founder & CEO Kim Fournais retaining around 28% shareholding. Saxo Bank was founded in 1992 in Denmark.
Jacob J. Safra, Chairman of J. Safra Sarasin Group: “We are proud to have completed this transaction, and we are excited by what the future will bring. As we open this new chapter, I would like to welcome all clients, partners, and employees of Saxo Bank to our Group. Together, we will build on Saxo Bank’s pioneering spirit with the strength and long-term perspective of J. Safra Sarasin to redefine the client experience in financial services.”
Kim Fournais, CEO and Founder of Saxo Bank: “Today represents a significant milestone for Saxo Bank, our dedicated employees, valued clients, and trusted partners, and for me personally. I am incredibly proud of what we have built together since I founded Saxo Bank in 1992, and I feel great comfort knowing that Saxo Bank has found its ideal long-term shareholder. We have worked diligently over the years to elevate Saxo Bank for the benefit of our clients, partners, and employees. With J. Safra Sarasin Group as our new majority shareholder, we are now part of a family- owned banking group that boasts a rich heritage and a long-term vision. I am pleased to pass on the torch as CEO to Daniel Belfer, whose expertise and leadership will guide Saxo Bank into this exciting new chapter. As we welcome J. Safra Sarasin, we extend our sincere gratitude to the departing Board of Directors and to Geely and Mandatum for their invaluable support and leadership.”
CEO of Saxo Bank, Daniel Belfer: “Today marks a defining moment for Saxo Bank. Stepping into the role of CEO of Saxo Bank is a real privilege, and I am looking forward to working together with the Board, the rest of the management team and all employees to strengthen Saxo’s foundation while accelerating our ambition – bringing together Saxo Bank’s digital, client-first innovation with J. Safra Sarasin’s legacy of stability, prudent risk management, and enduring client relationships. Together, we will serve our clients even better and build a platform for enduring growth in a fast-changing financial world.”
J. Safra Sarasin Group – As an international group committed to sustainability, J. Safra Sarasin is well established through its banks in more than 35 locations in Europe, Asia, the Middle East, Latin America and the Caribbean. A global symbol of private banking and wealth management tradition, the group emphasizes security and well-managed conservative growth for its clients. It manages total client assets of over USD 460 billion and employs about 5,000 staff, with stockholders’ equity of USD 7.1 billion.
J. Safra Group – The J. Safra Group (the “Group”), with total assets under management of USD 590 billion, consists of privately-owned banks and investment holdings in asset-based business sectors such as real estate and agribusiness. The Group’s banking interests in more than 230 locations globally, are: J. Safra Sarasin, headquartered in Basel, Switzerland; Banco Safra, headquartered in Sao Paulo, Brazil; and Safra National Bank of New York, headquartered in New York City, USA; all independent from one another from a consolidated supervision standpoint. The Group’s real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City’s 660 Madison Avenue and London’s iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. With deep relationships in markets worldwide, the Group is able to greatly enhance the value of businesses which are part of it. There are more than 32,000 employees associated with the J. Safra Group.
Saxo Bank – At Saxo Bank we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional grade tools and easy access to global financial markets for anyone who wanted to invest. Today, Saxo is an international award-winning FinTech for investors, traders, and Institutional (BaaS) partners who are serious about making more of their money. As a well-capitalised and profitable FinTech, Saxo is a fully licensed SIFI bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. As one of the first fintechs in the world, Saxo continues to invest heavily into technology to ensure that Saxo’s clients and partners enjoy unparalleled client experience, broad access to global capital markets across asset classes on our industry-leading platforms. Saxo’s open banking technology (BaaS) powers more than 150 financial institutional partners, boosting the investment experience and the tools offered to end clients (B2B2C). Headquartered in Copenhagen and serving more than 1.7 million clients and over 400 partners in total, Saxo Bank has recently reached new highs with client assets of more than DKK one trillion and is close to breaking through the DKK 5 billion mark for revenue. Saxo Bank employs more than 2,400 professionals in financial centers around the world including London, Singapore, Amsterdam, Zurich, Dubai, and Tokyo.
$247 Billion Switzerland Private Bank J. Safra Sarasin Group Buys 70% of Denmark Saxo Bank with $118 Billion Client Assets at $1.73 Billion Valuation (€1.6 Billion), Saxo Bank Founder & CEO Kim Fournais Retains 28% Shareholding, Saxo Bank Founded in 1992 in Denmark
10th March 2025 – Switzerland private bank J. Safra Sarasin Group ($247 billion AUM) has announced to buy around 70% (69.7%) of Denmark Saxo Bank ($118 billion client assets) at $1.73 billion valuation (€1.6 billion), with Saxo Bank founder & CEO Kim Fournais retaining around 28% shareholding. Saxo Bank was founded in 1992 in Denmark. Announcement (10/3/25): “J. Safra Sarasin Group and Saxo Bank announce today the signing of a strategic acquisition by J. Safra Sarasin of approximately 70% of Saxo Bank, previously held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, and Mandatum Group. This transaction highlights J. Safra Sarasin Group’s strategy of undertaking acquisitions in innovative and diversified financial businesses, and further enhances the Group’s successful growth and international footprint in financial services. Saxo Bank will continue to operate as a standalone entity, with its founder and CEO, Kim Fournais, continuing as CEO and retaining approximately 28% ownership, underscoring the stability and continuity of the Business, and reinforcing its long-term vision of creating value for all clients, partners and employees. This acquisition is in line with J. Safra Sarasin Group’s dedication to building its platform of long- term value creation for its clients. Saxo Bank’s proven expertise in digital investments and trading platforms perfectly complements J. Safra Sarasin’s heritage of bespoke wealth and asset management solutions. J. Safra Sarasin and Saxo Bank are united by shared values of excellence, stability, and client centricity. J. Safra Sarasin plans to integrate Saxo’s technology platform, establishing a new frontier in wealth management and setting a benchmark for innovation and client experience in the industry. For Saxo Bank, joining J. Safra Sarasin Group represents an exceptional opportunity to strengthen its foundation for continued future growth, delivering award-winning platforms and innovative products to its clients and partners. J. Safra Sarasin Group’s financial stability, global presence, and expertise in sustainability positions Saxo Bank to expand its offering and accelerate its mission to deliver cutting-edge platforms and services to clients and partners, while continuing to pioneer new standards for client experience in online investments and trading. With the support of J. Safra Sarasin, Saxo will also strengthen its trusted long-term BaaS partnerships with banks, corporates, family offices, asset managers, and independent wealth managers within its institutional client segment.”
Jacob J. Safra, Chairman of J. Safra Sarasin Group: “This strategic acquisition represents a significant milestone for J. Safra Sarasin. It creates new opportunities for expansion and further increases our competitive edge, while reflecting our unwavering multi-generational commitment to entrepreneurship, sustainability and client success. The addition of a leading international fintech bank to our Group further underscores our strong commitment to shaping the future of financial services, creating a robust forward- thinking powerhouse primed for long-term growth.”
Kim Fournais, CEO and Founder of Saxo Bank: “For Saxo, our employees, shareholders, clients, and partners, and me personally, today marks an inflection point. I have worked with an outstanding team, focusing on continuously improving Saxo for the mutual benefit of all our stakeholders, including clients and partners. Saxo proudly welcomes J. Safra Sarasin as new majority shareholder, a family-owned banking group with over 180-year heritage and long-term perspective. I feel great pride and comfort knowing that Saxo has found its ideal long-term partner. The win-win opportunities which our business models will create are unique, extending to our employees, clients, and partners. I am incredibly proud of and thankful to Geely and Mandatum for their invaluable support to Saxo since becoming shareholders in late 2018. As we welcome J. Safra Sarasin as our new shareholder, we remain committed to our mission of delivering best-in-class investing and trading platforms to get more curious people invested in the world.”
Daniel Belfer, CEO of J. Safra Sarasin Group: “This transaction reflects our commitment to thoughtful, strategic acquisitions that support our long-term vision. As we are looking forward to extending a warm welcome to Saxo Bank’s clients, partners and employees into our Group, we reinforce our dedication to fostering innovation and excellence while maintaining a clear focus on distinct business segments.”
J. Safra Sarasin Group – As an international group committed to sustainability, J. Safra Sarasin is well established through its banks in more than 30 locations in Europe, Asia, the Middle East, Latin America and the Caribbean. A global symbol of private banking and wealth management tradition, the group emphasizes security and well-managed conservative growth for its clients. It manages total client assets of CHF 224 billion and employs about 2,550 staff, with stockholders’ equity of CHF 5.8 billion.
J. Safra Group – The J. Safra Group (the “Group”), with total assets under management of USD 345 billion, consists of privately-owned banks under the Safra name and investment holdings in asset-based business sectors such as real estate and agribusiness. The Group’s banking interests in more than 200 locations globally, are: J. Safra Sarasin, headquartered in Basel, Switzerland; Banco Safra, headquartered in Sao Paulo, Brazil; and Safra National Bank of New York, headquartered in New York City, USA; all independent from one another from a consolidated supervision standpoint. The Group’s real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City’s 660 Madison Avenue office complex and London’s iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. With deep relationships in markets worldwide, the Group is able to greatly enhance the value of businesses which are part of it. There are more than 35,000 employees associated with the J. Safra Group.
Saxo Bank – At Saxo we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional grade tools and easy access to global financial markets for anyone who wanted to invest. Today, Saxo is an international award-winning FinTech for investors, traders and Institutional (BaaS) partners who are serious about making more of their money. As a well-capitalised and profitable FinTech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. As one of the first fintechs in the world, Saxo continues to invest heavily into technology to ensure that Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Saxo’s open banking technology (BaaS) powers more than 150 financial institutional partners, boosting the investment experience and the tools offered to end clients (B2B2C). Headquartered in Copenhagen, Saxo has more than 2,300 professionals in financial centers around the world including London, Singapore, Amsterdam, Zurich, Dubai and Tokyo.
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