Saxo Bank has confirmed the successful completion of its transaction involving the sale of Saxo Geely Tech Holding A/S (Saxo Fintech) to Geely Financials Denmark on Wednesday. The finalized agreement marks the end of Saxo Bank's ownership of the Chinese joint venture, allowing the bank to optimize its business operations and concentrate on core markets and clients.
As part of this transaction, Saxo Bank received its own shares in return, equivalent to approximately 2% of the outstanding Saxo Bank shares. This move is expected to provide a boost to the bank's capital structure.
Following this transaction, the ownership structure of Saxo Bank has been reshuffled. Geely Financials Denmark now holds 49.88% of the shares, making it the largest shareholder. Fournais Holding possesses 28.09% stake while Sampo/Mandatum owns 19.83%. Minority shareholders account for 2.20% of the total shares.
The divestment of Saxo Fintech is a significant strategic move for Saxo Bank as it allows more focus on its primary business operations and clientele.
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