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Saxo Bank eyes Copenhagen listing after failed SPAC merger – CEO



CEO Kim Fournais stated that Saxo Bank could give its investors another chance to cash in after the merger with a blank check company.

Fournais said that there was a desire to eventually list Saxo. Fournais also stated that there is no rush to list Saxo, so long as the market turmoil continues. He stated that Nasdaq Copenhagen would make the best venue for a float.

A source close to the matter said that Saxo Bank was worth EUR2 billion in September. This could allow Sampo, an insurer from Finland, and Geely, a Chinese automaker to reduce their stakes.

Fournais stated that although the broker in Denmark will continue to explore all options, the default plan for the broker is to go public.

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According to the executive, no decision had been made and that a liquidity event could be delayed into next year or beyond 2024, he stated.

He stated that financial advisors are not yet available for hire as the immediate focus of the management is on the running and growth of the business.

All depends on the external circumstances. Fournais said that they hope to be better in the next year or the next… but it could also happen sooner. “We have learned a lot from the SPAC process which means we can react quickly.”


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Saxo Bank, which offers digital trading solutions, said last September that it was in talks to be purchased by Disruptive Capital AC ( DCACS.AS).

A statement was made at that time that negotiations were canceled December due to “challenging market conditions”.

Truell’s SPAC merger would result in Sampo and Geely having their shares reduced in Saxo Bank. Fournais was the co-founder of this business in the 1990s. He would have bought additional shares under the preliminary agreement.

Geely and Sampo bought 52% and 20% of Saxo Bank from their existing investors in 2018. TPG Capital, a private equity firm, also invested. The company was worth more than 1.3 billion Euros.

According to a spokesperson, Geely will continue to support Saxo Bank’s strategy and management.

Geely has listed some portfolio businesses, including Volvo Cars (Swedish carmaker) It still holds 82% of the company’s shares.

The spokesperson does not consider Sampo Bank a core investment. It does plan to reduce its stake, but not in a hurry.

Sampo has been working to reduce its exposure to non life insurance in order to refocus the company. Sampo resigned Nordea last year as a Scandinavian lender.

Saxo Bank reporteda drop of 12% in the first half 2022 income to 2.15bn Danish Kroner. Net profit decreased 41% to 302million kroner. This was due to lower trading activity, and BinckBank’s acquisition in 2019. It was responsible for assets in excess of 591bn dollars.

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