Copenhagen based Retail FX and CFDs broker Saxo Bank has announced the successful completion of its transaction involving the sale of Saxo Geely Tech Holding A/S (Saxo Fintech) to Geely Financials Denmark. All relevant agreements have been duly signed, formalising the closing of this transaction.
The unwinding of the Saxo-Geely joint venture, which focused on business in China, was first announced by the parties in June. We understand that the agreement to exit the JV is part of operationally separating Geely and Saxo, as China-based Geely looks to unload its overall position in Saxo Bank. Saxo had announced plans to go public last year via a SPAC merger which would have given Geely the opportunity to monetize some of its position in the company, but the Read More
