Denmark’s Saxo Bank, which has an important branch in Zurich, has a new large shareholder from China. The co-owner is better known for its interests in Nordic car-making excellence.
Chinese carmaker Geely has agreed to buy 25.7 percent of Saxo Bank, the company said in a statement. Geely acquires the stake held by Lars Seier Christensen, who was the bank’s co-CEO alongside Kim Fournais.
The carmaker may increase the stake to 30 percent if some small shareholder take up the offer for their stakes. That would make the Chinese the biggest owners of the bank, which was founded in 1992.
Owners of Volvo Cars
Fournais, which also holds a 25.7 percent stake in Saxo, expects the new co-owners to provide support in finding the financing for growth plans. Not least in Asia and particularly so in China. Saxo has a branch in Shanghai.
Geely, founded in 1986, acquired carmaker Volvo in 2010. The acquisition originally was met with derision but critics have since been forced to admit that the sale to the Chinese owners in fact had strengthened the Swedish carmaker. Geely also owns the London Taxi Company.
Sigg, Syngenta, Valartis
Chinese takeovers in Europe have increased in recent years. Two Swiss companies in Chinese hands are Sigg, the maker of the emblematic aluminum drinks bottle, as well as Syngenta, the producer of chemicals.
The Chinese company Citychamp Watch & Jewellery last year acquired Bank Valartis, based in Liechtenstein.
