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 more than a year, in a deal valued at around 1.1 billion euro ($1.19 billion).

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