Shanghai (Gasgoo)- Denmark's Saxo Bank announced on September 14 that China's Zhejiang Geely Holding Group and Finland's Sampo PLC have gotten all necessary regulatory approval to take control of Saxo Bank.
The completion of the transaction will make Geely Holding and Sampo PLC master 51.5% and 19.9% stake in Saxo Bank respectively. Meanwhile, co-founder Kim Fournais' stake of 25.7% remains unchanged.
On September 13, Li Donghui, executive vice president and CFO of Geely Holding, was named as chairman of Saxo Bank by the bank's board of directors.
In May 2017, it was announced that Geely Financials Denmark A/S, a subsidiary of Geely Holding, had made an offer to buy 30% of the shares in Saxo Bank.
In last October, Geely Holding offered to buy more shares and would thus become majority shareholder with a total of 51.5%. At the same time, shareholders of Saxo Bank received an offer from Sampo PLC, a leading Nordic financial services group, to take up a stake of 19.9% in the bank.
On April 12, Denmark's Financial Services Authority approved Geely Holding and Sampo's offer to buy a majority stake in Saxo Bank.
Established in 1992 and headquartered in Denmark's capital Copenhagen, Saxo Bank launched a pioneering on-line trading platform in 1998. By far, it has possessed around 1,500 employees in total.
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