Strategy

Saxo Bank Eyes Business Combination, Amsterdam Listing

Tom Burroughes, Group Editor, Geneva, 16 September 2022

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Saxo wants to diversify its shareholder base, boost its profile and speed up its growth strategy. The bank said it has a strong capital base and did not seek a primary equity listing.

Denmark-based Saxo Bank, which operates in a number of jurisdictions, is exploring a business pact with Disruptive Capital Acquisition Company Limited (DCAC) and listing on Euronext Amsterdam.

Saxo Bank, which said in a statement yesterday that it is “well capitalised," will not need to make a primary shares issue.

The potential transaction values the outstanding shares of Saxo Bank (before a business combination) at a pro forma aggregate amount of at least €2 billion ($1.99 billion).

The proposed business combination would comprise a secondary sale of existing Saxo Bank shares to DCAC for distribution to DCAC's shareholders; and the subsequent delisting and liquidation of DCAC, with Saxo being the ongoing Euronext listed entity, Saxo said.

Saxo wants to diversify its shareholder base, boost its profile and speed up its growth strategy, the firm said. 

The firm’s shareholders, Geely Financials Denmark A/S and Sampo Plc, intend to sell a limited proportion of their shareholding. Certain members of Saxo Bank’s board and senior management team, including its founder and CEO Kim Fournais, intend to acquire additional shares alongside DCAC, should the business combination proceed.

Saxo said it hasn’t entered a binding agreement and cannot promise that the business tie-up or share listing will go ahead.

This news service recently interviewed Saxo co-founder Lars Seier Christensen about his views on how blockchain technology is shaking up banking and other areas of commerce, as well his approach to sports sponsorship and business more broadly. He has a family office in Switzerland, where he now lives.

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