Saxo Bank is looking for a buyer, the Danish bank announced on Thursday.
According to its website, current ownership is shared between Chinese conglomerate Geely, whose assets include Volvo Cars and Polestar, and which has a 50% stake, co-founder and CEO Kim Fournais (28%), and Finnish manager Mandatum (22%).
The shareholders have decided to explore “strategic options” for Saxo Bank, employing Goldman Sachs to identify a potential buyer that will provide the “best possible foundation for continued growth.”
Saxo Bank has experienced significant growth since 2018 when Geely and Mandatum came on board. The number of its customers has rocketed from 200,000 to 1.2 million. Saxo manages about 800 billion Danish kroner, equivalent to €107 billion.
However, a proposed plan to list Saxo on the stock market in 2022 never materialised.
