Swiss private bank J. Safra Sarasin said on Monday it has agreed to acquire the remaining stake in Denmark's Saxo Bank held indirectly by Kim Fournais, representing about 28.69% of the firm.
Safra Sarasin Group last year agreed to buy 70% of Saxo Bank in a deal valued at around 1.1 billion euros ($1.26 billion). The acquisition of the rest of Saxo Holding AG follows Safra Sarasin's exercise of a call option, the Swiss bank said.
Kim Fournais will remain chairman of the board of directors of Saxo Bank, Safra Sarasin said in a statement.
($1 = 0.8757 euros)