Saxo Bank, a trading platform with $120 billion in client assets, has hired Goldman Sachs to help it find buyers.
Shareholders of Denmark’s Saxo Bank, a leading online bank for traders and investors, Geely Financials Danish, a subsidiary of Zhejiang Geely Holding Group (Fournais Holding), and Mandatum Group have decided to initiate a competitive direct sale process, having appointed Goldman Sachs International as financial advisor to help them “analyze strategic opportunities,” the bank said in a statement.
Saxo Bank, a trading platform with $120 billion in client assets, has hired Goldman Sachs to help it find buyers.
The Danish bank’s shareholders “will begin a review of strategic opportunities,” the bank said on Thursday.
Saxo Bank says it continues to deliver on its strategic plan to become the bank of choice for investors, traders and institutional partners in Europe.
The change comes after Saxo Bank decided, at the end of 2022, to postpone its plans for an IPO, saying the timing was “not ideal.”
Saxo Bank launched one of the first online trading platforms in Europe in 1998, providing professional tools and easy access to global financial markets.
Since Geely and Mandatum invested capital in 2018, Saxo Bank has seen significant growth and achieved several important milestones.
Today, it has more than 1.2 million customers and more than DKK 800 billion in customer assets. This represents an increase from less than 200,000 customers and just over DKK 110 billion in customer assets just over five years ago.7
The bank has a strong presence in the Middle East and North Africa (MENA) and Asia Pacific (APAC) regions, and has welcomed more than 130,000 new customers this year so far.
S&P Global Ratings recently upgraded Saxo Bank’s credit rating to “A-”, reflecting strong financial position and capital ratios in line with Systemically Important Financial Institutions (SIFIs) requirements.
Saxo Bank and the shareholders have collectively appointed Goldman Sachs International as financial advisor to assist them in analysing the strategic opportunities.
