Saxo Bank Announces New Shareholder
Released on: August 26, 2011, 4:15 pm
Author: Saxo Bank
Saxo Bank is pleased to announce that TPG Capital, one of the
world's leading investment firms, will become a major shareholder in
Saxo Bank. Following the signing of a purchase agreement, a TPG Capital
affiliate will acquire a 30% stake in the Company (along with an option
to increase its stake to 40%) from existing investors, including
General Atlantic, a global growth investor and Banco Espirito Santo, a
leading Portuguese bank, amongst others. The founders, Kim Fournais and
Lars Seier Christensen will retain majority ownership and continue in
their roles as CEOs, also in the event that TPG Capital exercises its
option to acquire 40%. TPG Capital's investment is subject to
customary regulatory and competition authority approvals.
General Atlantic invested in Saxo Bank in 2005 and both Espirito Santo Financial
Group and Banco Espirito Santo invested in Saxo Bank in 2008. Banco Espirito Santo
will continue to build the commercial cooperation that the bank has had with Saxo
Bank since 2008, namely through Banco BEST that is owned by both entities.
Kim Fournais and Lars Seier Christensen, founders, CEOs and majority shareholders in
Saxo Bank said in a joint statement: "We are delighted to welcome one of the
world's leading investment firms as a major shareholder and business partner. This
new phase in Saxo Bank's growth stems from the strong foundation built with the
support from our selling shareholders, who have shared in our success to date. We
remain enthusiastic about Saxo Bank's future and look forward to working with TPG
Capital to capitalise on the many opportunities ahead."
Asiff Hirji, Partner at TPG Capital said: "Saxo Bank has achieved impressive growth
and we look forward to supporting the future diversification strategy. TPG Capital
has a strong track record of investing in and growing financial services businesses,
particularly those seeking further expansion in emerging markets, where we see
tremendous opportunities for Saxo Bank. We look forward to working with its two
founders and CEOs."
Bill Ford, CEO of General Atlantic and Ricardo Salgado, CEO of Banco Espirito said
in a joint statement: "We have been pleased with our partnership with Saxo Bank
over the last several years and consider this a very successful investment."
About TPG Capital
TPG Capital is the global buyout group of TPG, a leading private investment firm
founded in 1992, with $48 billion of assets under management and offices in Beijing,
Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York,
Paris, San Francisco, Shanghai, Singapore and Tokyo. TPG Capital has deep global
financial services expertise with investments that have included Bank Thai, BTPN,
Fidelity National Information Services, Korea First Bank, LPL Financial Services,
Shenzhen Development Bank, Shriram City Union Finance and Taishin Holdings, among
others. The Firm also has extensive technology experience with investments that
have included Aptina, Hotwire, Intergraph, Lenovo, MEMC, Sabre Holdings, Seagate,
SunGard, and Vertafore, among others.
About Saxo Bank
Saxo Bank is a leading online trading and
investment specialist. The three specialised and fully integrated trading platforms;
the browser-based SaxoWebTrader, the downloadable SaxoTrader and the
SaxoMobileTrader application are available in over 20 languages. Saxo Asset
Management accommodates high-net worth private clients and institutional investors.
In 2011 Saxo Bank continued the diversification of its business and launched Saxo
Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices
throughout Europe, Asia, Middle East, Latin America and Australia.
Head of Group Public Relations
40 Bank Street
+45 3065 4300
Back to previous page
Submit your press release