J. Safra Sarasin takes 70 per cent of Saxo Bank for €1.1 billion
Months after settling its inheritance dispute, the Safra banking dynasty made its biggest acquisition in years, buying a majority stake in Denmark's Saxo Bank.
On 10 March 2025, J. Safra Sarasin Group announced that it would acquire approximately 70 per cent of Saxo Bank for roughly €1.1 billion. Saxo, founded in Denmark in 1992, runs an online trading and investment platform used by retail and institutional clients across multiple markets.
The acquisition, once completed, will bring combined client assets to over $460 billion.
The timing
The deal came less than a year after the Safra family settled a protracted inheritance dispute following the death of patriarch Joseph Safra in December 2020. The middle son Alberto exited the group entirely in mid-2024. His sister Esther sold her shares to brothers Jacob and David in January 2025.
By March, the family had the clarity and the consolidated ownership structure needed to move on a transaction of this size. That is not a coincidence. Deals of this magnitude require alignment at the shareholder level, and the family did not have that while the litigation was active.
What Saxo brings
Saxo Bank operates a digital platform offering access to equities, bonds, ETFs, FX, and derivatives across global markets. It has a strong presence in the Nordics and Asia. For J. Safra Sarasin, which has traditionally operated as a private bank with a focus on wealth management and sustainable investing, Saxo adds a technology layer and a different client profile.
The question is whether the two models sit comfortably together. Private banking is relationship-driven and slow. Online trading is technology-driven and fast. Some firms have managed to combine both (think of Julius Baer’s earlier tech investments), but the cultural fit is never obvious.
The dynasty’s playbook
The Safra family has expanded through acquisition at carefully timed moments for generations. The purchase of the former Banco Safra in the 1950s, the creation of Republic National Bank in the US, and the acquisition of Sarasin in 2011 all followed the same pattern: buy when others are distracted or distressed, integrate carefully, and hold for the long term.
Saxo fits that pattern. The bank was known to be looking for a strategic partner, and the Safra group had the capital and the patience to move when the price and the moment aligned.
