Geely acquires 30% stake in Danish bank
Chinese automotive group Geely, owner of Volvo, the London Taxi Co. and an eponymous car brand in China, has acquired a 30% stake in Saxo Bank of Denmark. It is the group's first venture into the world of finance.
Under the deal, bank co-founder Lars Seier Christensen has a greed to sell his 26% stake to a subsidiary of the Zhejiang Geely Holding Group. That is likely to increase to 30% if some minority shareholders exercise their so-called tag-along rights.
That would make Geely the largest shareholder. Kim Fournais, another co-founder, still owns 26%. He said Geely could help the bank access new revenue opportunities, especially in China and throughout Asia.
Saxo Bank achieves most of its revenue from online trading for foreign exchange traders. It has 1,600 employees in 18 countries. Last year, it generated an operating revenue of $428 million.
Image: Saxo Bank
| 10/05/2017 | Frank Jacobs