Chinese Car Maker Geely To Acquire 30% Of Danish Financial Firm Saxo Bank

Saxo Bank Group, a Danish multi-asset trading and financial-technology firm, has received an offer from Geely International Hong Kong, a subsidiary of Chinese car maker Zhejiang Geely Holding Group Co., Ltd, to become a major shareholder in Saxo, enabling the bank to capitalize on global growth opportunities, especially in China.

Lars Seier Christensen, co-founder of Saxo, has agreed to sell his 25.71% stake in the bank to Geely, pending regulatory approval. Certain minority shareholders are expected to exercise tag-along rights as part of the investment offer from Geely, which is expected to own 30% of Saxo on the deal's completion.

Financial terms of the transaction, which is expected to be finalized by the fourth quarter of 2017, have not been disclosed.

"Geely Group has shown an impressive ability to foster sharp and solid profitab...

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