Saxo Bank Draws Interest from Major Investors as Acquisition Talks Heat Up

Saxo Bank attracts acquisition interest from major investors, including Altor, Centerbridge, and Interactive Brokers, amid ownership exploration.

Key Points: 

• Saxo Bank has received non-binding bids from investors, including Altor Equity Partners, Centerbridge Partners, and Interactive Brokers Group.
• The bank began seeking new ownership in July by hiring Goldman Sachs as an advisor, following a review by its shareholders, including Zhejiang Geely Holding Group.
• Despite the acquisition talks, Saxo Bank‘s UK branch reported a successful 2023, with £2 billion in assets and profits of £11.2 million, although it faces geopolitical and market challenges.

Saxo Bank, the Danish trading platform, has emerged as a potential acquisition target, drawing interest from major investors, including Altor Equity Partners, Centerbridge Partners, and Interactive Brokers Group. This development has sparked speculation about a significant transaction soon.

According to reports, Altor and Centerbridge have submitted non-binding offers for the bank, indicating strong interest from private equity firms. Interactive Brokers Group is also evaluating a potential acquisition, but no binding agreements have been reached as of yet. This ongoing interest comes after Saxo Bank appointed Goldman Sachs as its advisor in July, initiating the process of exploring new ownership.

Saxo Bank Draws Interest from Major Investors as Acquisition Talks Heat Up

The decision to seek new ownership follows a review by Saxo Bank‘s current shareholders, including Zhejiang Geely Holding Group, Finnish financial services provider Mandatum, and founder Kim Fournais. Geely, which holds a nearly 50% stake in Saxo Bank, acquired its position in 2017 for approximately €1.325 billion ($1.4 billion) after purchasing shares from co-founder Lars Seier Christensen.

While the goal of this ownership exploration is a direct sale, the company has not made a final decision. CEO Kim Fournais continues to lead the company through this transition, although representatives from the involved parties have refrained from commenting on the ongoing negotiations. Geely has stated that it will remain silent until the conclusion of any talks.

Altor, a significant player in the Northern European financial services sector, has shown increasing interest in Saxo Bank, partly due to its stake in Mandatum. Centerbridge, known for its high-profile investments in Europe, has also been active in the financial sector, further solidifying its position as a potential acquirer.

Despite these acquisition talks, Saxo Bank‘s UK branch reported a robust performance in 2023, with assets under management reaching £2 billion and profits increasing to £11.2 million year-on-year. However, the firm continues to navigate challenges posed by geopolitical volatility and instability in the UK equity markets.

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