Copenhagen — Chinese automotive group Geely will increase its stake in Denmark’s Saxo Bank to 51.5% while Finland’s Sampo will take a stake of 19.9%, Saxo said on Monday. Sampo said in a separate announcement that it would pay €265m for its stake. Saxo Bank said Geely would pay the same price. Geely, which owns car maker Volvo, said in May it would take a 30% stake in Saxo Bank. Saxo Bank derives most of its income from its online trading platform, and Geely said on Monday that it believed the Danish firm’s technologies could be expanded across Asia. Current Saxo Bank shareholders TPG Capital and SinarMas have accepted the offers from Geely and Sampo and will sell all of their shares, while co-founder and CEO Kim Fournais’s stake of 25.71% will remain unchanged, Saxo Bank said. Reuters
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