Swiss private bank J. Safra Sarasin has agreed to acquire the remaining c.28.69% stake in Saxo Holding AG from founder Kim Fournais, moving to 100% ownership of Saxo Bank, which will continue to operate independently.
J. Safra Sarasin to Acquire Full Ownership of Saxo Bank
On 6 July 2026, Swiss private banking group J. Safra Sarasin announced that it had reached an agreement to acquire the remaining shares in Saxo HoldingAGheld indirectly by Saxo Bank founder and Chairman of the Board Kim Fournais, amounting to approximately 28.69%. J. Safra Sarasin stated that the transaction stems from its exercise of a call option under the parties' shareholders' agreement. Once the transaction is completed, J. Safra Sarasin will hold 100% of the shares in Saxo Holding AG, and will indirectly own Saxo Bank in full.
(Source: Saxo Bank, J. Safra Sarasin Group to acquire remaining stake in Saxo Bank, with Kim Fournais remaining Chairman of the Board of Directors, published: 2026-07-06, topics: remaining shareholding, call option, 100% ownership arrangement.)
According to the announcement, Kim Fournais will continue to serve as Chairman of the Board of Saxo Bank following the transaction. J. Safra Sarasin said Saxo Bank will continue to operate as an independent entity, with the transaction structured to consolidate its long-term ownership structure while maintaining operational continuity at the client, partner and employee levels. The announcement also noted that completion of the transaction remains subject to approval from the relevant regulatory authorities, and that the financial terms were not disclosed.
Saxo Bank Will Continue to Operate Independently
J. Safra Sarasin stated in the announcement that Saxo Bank will receive group resources to support accelerated growth and business development, and will continue to strengthen its positioning as an online investment platform. This arrangement means the ownership structure will shift from a majority holding to full ownership, but Saxo Bank's brand, platform and independent operating status will not change immediately as a result of this announcement.
J. Safra Sarasin will acquire the remaining shares held indirectly by Kim Fournais, amounting to approximately 28.69%.
Once the transaction is completed, J. Safra Sarasin will hold 100% of the shares in Saxo Holding AG.
Saxo Bank will continue to operate as an independent entity.
Kim Fournais will continue to serve as Chairman of the Board of Saxo Bank.
The transaction remains subject to approval from the relevant regulatory authorities, and the transaction terms remain confidential.
The Transaction Path From Majority Holding to Full Ownership
This transaction is not J. Safra Sarasin's first entry into Saxo Bank's ownership structure. In March 2026, J. Safra Sarasin completed its acquisition of a majority stake in Saxo Bank, with the relevant shares previously held by Geely Financials Denmark A/S, the Mandatum Group and other minority shareholders. Saxo Bank disclosed at the time that the transaction had received the necessary approvals, including from the Swiss Financial Market Supervisory Authority (FINMA) and the Danish Financial Supervisory Authority (DFSA).
(Source: Saxo Bank, J. Safra Sarasin Group completes the acquisition of majority stake in Saxo Bank, published: 2026-03-02, topics: completion of majority stake acquisition, regulatory approvals, governance changes.)
| Date | Event | Parties Involved | Significance |
|---|---|---|---|
| 2 March 2026 | J. Safra Sarasin completes acquisition of a majority stake | J. Safra Sarasin, Saxo Bank, Geely, Mandatum | J. Safra Sarasin acquires approximately 71%, becoming Saxo Bank's majority shareholder |
| 2 March 2026 | Saxo Bank management changes | Kim Fournais, Daniel Belfer | Kim Fournais moves to Chairman of the Board, with Daniel Belfer appointed Chief Executive Officer |
| 30 June 2026 | Saxo Bank expects record first-half results | Saxo Bank | Growth in client numbers and assets under management become the main factors behind the improved earnings outlook |
| 6 July 2026 | J. Safra Sarasin to acquire the remaining c.28.69% stake | J. Safra Sarasin, Kim Fournais | Once completed, J. Safra Sarasin will fully own Saxo Holding AG |
The Founder's Role Will Continue at the Board Level
Saxo Bank was founded by Kim Fournais in Copenhagen, Denmark, in 1992. Public information indicates that Saxo Bank entered the market initially with an online trading platform, and gradually developed into a multi-asset trading and investment services provider serving investors, traders and institutional clients. In its announcement of 6 July 2026, J. Safra Sarasin emphasised that Kim Fournais will continue to be involved in Saxo Bank's long-term development in his capacity as Chairman of the Board.
Jacob J. Safra said in the announcement that Kim Fournais has built a digital investment business with global reach, and that J. Safra Sarasin will maintain a long-term perspective and support Saxo Bank's sustainable growth in the next phase.
Kim Fournais, for his part, said the announcement of 6 July 2026 is consistent with the vision he developed jointly with J. Safra Sarasin, and represents a natural stage in Saxo Bank's development.
Saxo Bank's Business Performance and Group Background
J. Safra Sarasin's announcement stated that Saxo Bank continues to maintain commercial momentum and expects its half-year results for the period ended 30 June 2026 to reach the best level in its history, driven primarily by growth in client numbers and assets under management. This statement indicates that, ahead of the further concentration of the ownership structure, Saxo Bank's operating metrics remain in an expansionary phase.
(Source: J. Safra Sarasin, J. Safra Sarasin Group to acquire remaining stake in Saxo Bank, published: 2026-07-06, topics: first-half results outlook, client numbers, assets under management.)
The J. Safra Sarasin Group states that its private banking business dates back to 1841, with a presence in Europe, Asia, the Middle East, Latin America and the Caribbean. The group disclosed that it manages more than USD 460 billion in client assets, employs around 5,000 people, and holds shareholders' equity of approximately USD 7.1 billion. The J. Safra Group as a whole has assets under management of USD 590 billion, with businesses spanning private banking, real estate, agribusiness and other investment holdings.
Saxo Bank, for its part, states that it is headquartered in Copenhagen and is a systemically important financial institution (SIFI) bank fully regulated by the Danish Financial Supervisory Authority, and that it holds brokerage and banking licences across multiple jurisdictions. Saxo Bank also provides multi-asset trading and investment solutions to individual investors, traders and institutional partners, with its open banking technology andBaaSmodel serving more than 150 financial institution partners and coveringB2B2Cscenarios.
Key Points for Market Observers
From the news perspective, the core of this acquisition is not merely the transfer of the remaining shares, but the further shift of Saxo Bank's ownership structure from a majority holding to full ownership by a single group. For external observers, the subsequent focus will centre on the progress of regulatory approval, Saxo Bank's independent operating arrangements, management stability and whether growth in the platform business continues.
Regulatory approval is a precondition for the transaction's completion, and the announcement did not disclose an expected completion date.
The transaction terms remain confidential, so external parties cannot assess specific changes in valuation on this basis.
Kim Fournais continuing as Chairman of the Board helps maintain strategic continuity at the founder level.
Saxo Bank maintaining independent operations can reduce concerns among clients and partners about short-term integration risk.
The record first-half results outlook for 2026 will be important information for the market in observing its business momentum.
Frequently Asked Questions About J. Safra Sarasin's Acquisition of Saxo Bank
How many shares in Saxo Bank does J. Safra Sarasin intend to acquire this time?
According to the announcement of 6 July 2026, J. Safra Sarasin intends to acquire the remaining shares in Saxo Holding AG held indirectly by Kim Fournais, amounting to approximately 28.69%. Once the transaction is completed, J. Safra Sarasin will hold 100% of the shares in Saxo Holding AG.
Will Saxo Bank cease to operate independently once the transaction is completed?
The announcement indicates that Saxo Bank will continue to operate as an independent entity. J. Safra Sarasin said the transaction is structured to maintain continuity at the client, partner and employee levels.
Will Kim Fournais remain after the transaction?
Kim Fournais will continue to serve as Chairman of the Board of Saxo Bank, and will continue to be involved in Saxo Bank's long-term strategic direction at the board level.
Has this transaction already been formally completed?
As of the publication of the announcement on 6 July 2026, the transaction remains subject to approval from the relevant regulatory authorities. Neither J. Safra Sarasin nor Saxo Bank has disclosed the financial terms of the transaction.
