Chinese automobile manufacturer Geely has acquired a majority stake in Danish investment bank Saxo Bank as part of efforts to expand into the fintech sector.
Saxo Bank has officially announced that Geely Holdings and Finnish insurer Sampo have obtained all necessary regulatory approvals for the acquisition of equity stakes in the Danish investment bank, according to a report from the state-owned Global Times.
Saxo Bank also convened an interim shareholders meeting on 13 September to appoint Li Donghui (李东辉), CFO and vice president of Geely Holding, as chair.
In October 2017 Saxo Bank announced that it had received an offer from Geely Holding’s Danish subsidiary for a 51.1% equity stake in the company , as well as an offer from Sampo for a 19.9% stake.
TPG Capital, Lars Seier Christensen and Sinar Mas Group have sold their Saxo Bank equity stakes of 29.3%, 25.7% and 9.9% respectively, with other smaller shareholders also agreeing to sell their shares.
Geely Holding is expected to employ Saxo Bank’s strengths in the field of online trading and investment to drive expansion into the fintech sector.
Saxo Bank recently teamed up with Sanya University to launch a new fintech academy in the Chinese island province of Hainan.