Denmark's Saxo Bank Group announced on Friday that it received and agreed on an offer from China's Geely Group to become a key shareholder¹ of the bank with about 30 percent stake.

 

丹麦盛宝银行集团宣布接受并同意中国吉利集团的报价，吉利成为持有该行30%股份的大股东。

 

Lars Seier Christensen, co-founder of Saxo, a leading Danish multi-asset trading and financial-technology firm, has received an offer and agreed to sell his stake of 25.71 percent of the bank to Geely International Hong Kong, a subsidiary of Zhejiang Geely Holding Group Co., Ltd, also knows as Geely Group, the bank said in a statement.

 

Certain minority shareholders² are expected to sell their stakes to Geely, which is expected to own 30 percent of Saxo on completion, according to the statement. 

 

The deal is pending³, among other things, regulatory approvals and financial terms of the transaction are expected to be finalized⁴ by the fourth quarter of 2017.

 

"Geely Group has shown an impressive ability to foster sharp and solid profitable growth in their portfolio⁵ companies, and it has a deep understanding of Scandinavian business values and culture," said Kim Fournais, Saxo co-founder and CEO, in the statement. Fournais also owns 25.71 percent of the bank.

 

"I am confident that partnering with Geely creates an even stronger foundation to capitalize on the many global opportunities and not least in the growing Chinese and Asian markets," Fournais added.

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