Geely group to take majority stake in Saxo Bank

Chinese auto group Geely will boost its stake in Denmark’s Saxo Bank to 51.5 percent where as Finland’s Sampo Oyj will take a stake of 19.9 percent, Saxo stated on Monday.

Sampo said in a different announcement that it would pay 265 million euros ($311 million) for its stake. Saxo Bank stated Geely would pay the same cost.

Geely, which owns Volvo Cars, stated in May it would take a 30 percent stake in Saxo Bank.

Saxo Bank obtains the majority of its earnings from its online trading platform, and Geely stated on Monday that it thought the Danish company’s innovations could be expanded throughout Asia.

Present Saxo Bank shareholders TPG Capital and SinarMas have accepted the deals from Geely and Sampo and will sell all their shares, and co-founder and CEO Kim Fournais’ stake of 25.71 percent will stay unchanged, Saxo Bank stated.