The deal is an example of the kind of consolidation taking place in parts of the European and international banking sector.

J Safra Sarasin yesterday said it has agreed to acquire the remaining stake in Copenhagen-headquartered Saxo Holding AG – in which it already has a majority share.

The Switzerland-headquartered private banking group has bought the stake held indirectly by Kim Fournais in Saxo Holding AG, equating to about 28.69 per cent, following J Safra Sarasin’s exercise of a call option in the shareholders agreement entered between the parties. 

Fournais will remain chairman of the board of directors of Saxo Bank. Closing of the transaction is subject to standard regulatory approvals. The terms of the transaction remain confidential.

The transaction is yet another example of the kind of M&A activity taking place in the European and wider private banking/wealth sectors, such as with the recently completed by UK-listed NatWest of Evelyn Group, or Italy’s Banca Monte dei Paschi di Siena (BMPS) acquisition of full control of Milan-headquartered Mediobanca, to give just two examples. 

European banking M&A hit $73.5 billion in 2025, more than quadrupling from $17.5 billion in 2024, according to EY — the strongest year for the sector in over a decade. Wealth management remains a key driver as banks chase stable, high-quality fee income, even though European wealth and asset management deal value itself dipped slightly, from $20.9 billion to $18.5 billion, as dealmakers favoured a larger number of smaller transactions. Oliver Wyman has separately estimated that private equity firms could bring about $25 billion of enterprise value in European wealth managers to market over the next three years.

Whole ownership
Once the deal is wrapped up, J Safra Sarasin will own all of Saxo Holding AG and, indirectly, of Saxo Bank.

The group completed its majority stake acquisition of Saxo in March this year, as reported here.

“Saxo Bank continues to deliver strong commercial momentum and expects to report the best half-year results in its history as of 30 June 2026, driven by continued growth in number of clients and assets under management,” J Safra Sarasin said in a statement. 

"Kim Fournais has built an exceptional business, and his entrepreneurial spirit and relentless commitment have made Saxo a global leader in digital investing,” Jacob J Safra, chairman of J Safra Sarasin Group, said. 

Saxo has been reviewing its operations. For example, in June 2024 it kicked off a review of strategic opportunities for its Asia-Pacific presence, aiming to accelerate growth. Saxo said it intends to form partnerships, using its offices in Australia, Japan, and Hong Kong to that end.  J Safra Sarasin can tap Saxo's modern trading platforms and tech; Saxo will gain more access to businesses including independent wealth managers, as well as family offices.