Saxo Bank is restructuring its business by merging its global sales and SXO into a new entity called Business Group, aiming to simplify operational processes and strengthen efficiency. The online trading and investment company pledges to provide services in a more coordinated and efficient manner to its clients.

Enhanced Interdepartmental Cooperation

It is claimed that the objective of Saxo's merger into Business Group is to improve interdepartmental cooperation and streamline the bank's operations. By merging global sales and SXO, Saxo Bank will establish a unified structure geared towards prioritizing digitization and customer-centric services. Saxo Bank recently surpassed 800 billion Danish krone in client assets, currently serving over 1.2 million customers.

In addition to the merger, Chief Saxo Experience Officer Kamila Dar Hansen is set to depart from the company. Saxo Bank's founder and CEO Jin Fornæs has acknowledged her contributions and expressed confidence in the new leadership. Following her departure, current Chief Sales Officer Stig Kristensen will assume the role of Chief Commercial Officer of Business Group.

Fornæs stated, "I want to thank Kamila for her valuable contributions to Saxo Bank over the past few years. Her efforts have been crucial in delivering top-notch trading and investment experiences for our clients, and I wish her all the best in her future endeavors. I believe that under Stig Kristensen's leadership, Business Group will elevate our customer experience to new heights as we now serve even more clients and partners in Saxo's history."

Recently, Saxo Bank announced significant changes in ownership. It's reported that Nordic insurance group Sampo transferred its 19.8% stake to Finnish asset management company Mandatum. This transaction, valued at 302 million euros, is part of the demerger completed by Sampo and Mandatum in 2023.

Continual Ownership Restructuring

The sale received regulatory approval on May 3rd, with the completion date set for May 13th. Despite Sampo offering a vendor loan of 280 million euros, Mandatum opted for a cash settlement, further diversifying the ownership of Saxo Bank with this latest transaction.

Currently, Chinese automotive manufacturer Geely holds a 50% controlling stake, while Saxo's co-founder and CEO Jin Fornæs retains a 28% ownership. This change comes after Saxo Bank sold its stake in regulatory technology platform Saxo Fintech to Geely Holding Group last year.

Saxo's co-founder and former co-CEO, Lars Seier Kristensen, sold his shares in the brokerage firm in 2017. He then founded Seier Capital, an investment arm with several notable investment projects, including co-ownership of Danish football club FC Copenhagen. In these ownership changes, Saxo Bank is considering selling additional stakes, with potential valuations ranging from 1.5 billion euros to 2 billion euros. Previously, the brokerage firm had considered going public through a SPAC transaction.