Last year, Bank J Safra Sarasin said the stake in Saxo would strengthen its long-term business-as-a-service partnerships with banks, corporates, family offices, asset managers, and independent wealth managers within its institutional client segment.

Bank J Safra Sarasin today said it has completed its majority stake acquisition of Denmark-headquartered Saxo Bank. The acquisition announcement was made initially in March last year.

Saxo’s founder, Kim Fournais, will step down as CEO to chair the board of directors at the firm. Daniel Belfer, CEO of Bank J Safra Sarasin, will become Saxo’s chief executive. Belfer is a Brazilian citizen and lives in Geneva - switching soon to Copenhagen. He has been part of the Safra Group since 2000.

“This transaction marks a significant milestone for both companies, enabling enhanced global potential and strategic growth,” Bank J Safra Sarasin said in a statement.

The stake in Saxo was previously held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co, and Mandatum Group. Finland-based Mandatum sold its 19.83 per cent stake in the trading platform and wealth management group for €319 million ($373.9 million).

(Saxo headquarters in main photograph.)