TPG Capital to acquire 30% stake in Saxo Bank

It also has the option to increase its stake to 40%.

The parent company of Saxo Capital Markets, Saxo Bank, announced that TPG Capital will become a major shareholder in Saxo Bank.

Following a purchase agreement signed yesterday, a TPG Capital affiliate will acquire a 30% stake in the Company, along with an option to increase its stake to 40%, from existing investors, including General Atlantic, a global growth investor and Banco Espirito Santo, a leading Portuguese bank, amongst others. The founders, Kim Fournais and Lars Seier Christensen will retain majority ownership and continue in their roles as CEOs, also in the event that TPG Capital exercises its option to acquire 40%. TPG Capital's investment is subject to customary regulatory and competition authority approvals.

General Atlantic invested in Saxo Bank in 2005 and both Espirito Santo Financial Group and Banco Espirito Santo invested in Saxo Bank in 2008. Banco Espirito Santo will continue to build the commercial cooperation that the bank has had with Saxo Bank since 2008, namely through Banco BEST that is owned by both entities.