Swiss private bank J. Safra Sarasin has agreed to acquire a 70 per cent stake in Saxo Bank, which has been looking for a new buyer for months, in a deal valued at around 1.1 billion euro ($1.19 billion). This deal has put a valuation tag of about 1.6 billion euros on the Danish online trading and investment services provider.

The new owner will purchase Finnish Mandatum's stake of 19.8 per cent in Saxo as well as the 49.9 per cent stake in Chinese group Geely. Saxo Bank’s founder and CEO, Kim Fournais, will continue to hold his 28 per cent stake in the company.

Source: Finance Magnates