J. Safra Sarasin Group completes the acquisition of majority stake in Saxo Bank

In a significant development within the global financial services industry, J. Safra Sarasin Group has finalized its acquisition of approximately 71% of Saxo Bank, previously owned by Geely Financials Denmark A/S, Mandatum Group, and several minority shareholders.

The transaction marks a strategic turning point for both institutions, reinforcing their international ambitions and positioning them for accelerated expansion in global wealth management and digital trading markets.

Strategic Expansion and Stronger Global Presence

With this acquisition, J. Safra Sarasin Group strengthens its footprint in the digital investment space, leveraging Saxo Bank’s advanced trading infrastructure and technology-driven platforms. At the same time, Saxo gains the backing of a globally recognized private banking powerhouse, creating a powerful synergy between traditional wealth management and innovative financial technology.

The partnership is expected to unlock new growth opportunities, enhance client offerings, and support long-term strategic development across key international markets.

Leadership Changes Signal New Direction

As part of the transition, Saxo Bank’s founder, Kim Fournais, will step into the role of Chairman of the Board. Despite the change in ownership structure, Fournais retains approximately 28% ownership in the bank, maintaining a substantial stake and continued influence in the company’s future direction.

Simultaneously, Daniel Belfer has been appointed as the new Chief Executive Officer of Saxo Bank. Belfer joins from his previous position as CEO of Bank J. Safra Sarasin, bringing nearly 30 years of financial industry experience, including more than two decades within the Safra Group.

About the New CEO

Born in 1975, Daniel Belfer is a Brazilian national currently residing in Geneva, Switzerland, with plans to relocate to Copenhagen, Denmark. A CFA® charterholder, Belfer began his career at BancBoston Robertson Stephens Inc. in Boston, USA. Since joining the Safra Group in 2000, he has held several senior leadership roles, playing a key part in the group’s international development and operational growth.

Founder’s Continued Commitment

Born in 1966, Kim Fournais is a Danish entrepreneur based in Copenhagen. He founded Saxo Bank in 1992 and has been central to its rise as a leading online trading and investment institution. Beyond his responsibilities at Saxo, Fournais manages multiple entrepreneurial ventures through Fournais Holding, including hospitality investments such as Vejrø Resort and several hotels in Mallorca.

Looking Ahead

This acquisition represents more than a change in ownership — it signals a long-term strategic alignment between two established financial institutions. By combining J. Safra Sarasin Group’s private banking expertise with Saxo Bank’s technological strength, the companies are positioned to enhance innovation, expand globally, and deliver greater value to clients worldwide.