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TPG Capital to Become a Major Saxo Bank Shareholder

Investment firm TPG Capital is set to become a major shareholder in Saxo Bank.

Following a purchase agreement signed last week, 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 and Banco Espirito Santo, among others.

Saxo Bank’s 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 through Banco BEST that is owned by both entities.

Fournais and Christensen, in a joint statement, say, “This new phase in Saxo Bank’s growth stems from the strong foundation built with the support from our selling shareholders, who have shared in our success to date. We remain enthusiastic about Saxo Bank’s future and look forward to working with TPG Capital to capitalise on the many opportunities ahead.”

Asiff Hirji, partner at TPG Capital adds: “Saxo Bank has achieved impressive growth and we look forward to supporting the future diversification strategy. TPG Capital has a strong track record of investing in and growing financial services businesses, particularly those seeking further expansion in emerging markets, where we see tremendous opportunities for Saxo Bank.”

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