• Published on 5 May 2017
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China's Geely Group to take 30% stake in Denmark's Saxo Bank

Saxo Bank co-founder Lars Seier Christensen has sold his 25.71% stake in the online trading platform provider to Geely International Hong Kong, a subsidiary of Zhejiang Geely Holding Group Co, the unlisted Danish firm said.

Other minority shareholders are expected to exercise tag-along rights as part of the investment offer from Geely, which is expected to own 30 percent of Saxo Bank on completion.

Financial terms of the transaction, which is expected to be finalised by the fourth quarter of 2017 pending regulatory approvals, have not been disclosed.

The company, which Christensen founded with Kim Fournais and Marc Hauschildt in 1992, has 1,600 employess in 18 countries and operating revenues of 2.9 billion Danish crowns ($427.68 million) last year.

Re-disseminated by The Asian Banker from Reuters