STOCKHOLM (Reuters) -Swiss private bank J. Safra Sarasin Group has agreed to buy 70% of Denmark’s Saxo Bank in a deal valued at around 1.1 billion euro ($1.19 billion), Saxo Bank said on Monday.
Reuters reported last year that the group, which offers digital trading and investment services, was exploring different strategic options including a sale.
In a statement Safra Sarasin said it had agreed to buy Finnish Mandatum’s stake of 19.8% as well as the 49.9% stake of Chinese group Geely, while Saxo Bank’s CEO Kim Fournais would stay in his role and retain his stake of 28%.
The valuation of all shares in Saxo Bank is about 1.6 billion euros, valuing the 70% stake at about 1.1 billion, Saxo Bank said.
In a separate statement, Mandatum said it had sold its stake for around 319 million euros ($345.92 million).
($1=0.9228 euros)
(Reporting by Anna Ringstrom; Editing by Stine Jacobsen and Clarence Fernandez)
