By Dominic Chopping
J. Safra Sarasin agreed to buy around 29% of Saxo Bank in a move that will give the Swiss private banking group full ownership of the Danish trading and investment provider.
The deal comes after J. Safra Sarasin agreed to buy around 71% of Saxo from Zhejiang Geely Holding Group and Mandatum last year in a transaction valued at around 1.12 billion euros ($1.28 billion), part of a plan it said would create new opportunities for expansion and further its competitive edge.
The agreement announced Monday will see it buy the 28.7% stake that it doesn't already own from Saxo Chairman and Co-founder Kim Fournais, who will remain Chairman. Financial terms weren't disclosed.
Created in 1992 by Fournais and Lars Seier Christensen, Saxo provides an online multi-asset trading and investment platform to both individuals and companies.
"Backed by the strength of the J. Safra Sarasin Group, Saxo Bank will have all the resources needed to accelerate its growth and development, further strengthening its position among one of the leading players in online investing," the Swiss bank said.
Saxo Bank will continue to operate as a separate entity, it added.
J. Safra Sarasin offers private banking and wealth management services though offices across Europe, Asia, the Middle East, Latin America and the Caribbean. It said previously that it planned to integrate Saxo's technology platform and expand financial technology partnerships with banks, corporates, family offices, asset managers, and independent wealth managers.
The closing of the transaction is subject to regulatory approvals.
Write to Dominic Chopping at dominic.chopping@wsj.com