Danish bank Saxo said Chinese carmaker Geely, the owner of Volvo, would become its largest shareholder by buying around 30% of its capital.
Denmark’s leading multi-asset trading and financial-technology firm said in a statement that its co-founder Lars Seier Christensen “has received an offer and agreed to sell his stake of 25.71% of the bank to Geely pending, among other things, regulatory approvals.”
The rest will be bought from other small shareholders.
Geely Group was founded by Li Shufu, who eyes growing his business to the finance sector.
“Saxo Bank is a trusted trading platform with a strong reputation... We expect to deliver group synergies from the development of financial services both within Geely Group and the wider Chinese market,” said Daniel Li, the group’s chief financial officer.
Saxo was founded as a brokerage called Midas in 1992 before getting a banking permit in 2001.
Source: Shanghai Daily