Saxo Bank, Geely's Swedish Unit Set Up 50-50 Fintech JV
Zhang Yushuo
DATE:  Dec 18 2019
/ SOURCE:  yicai
Saxo Bank, Geely's Swedish Unit Set Up 50-50 Fintech JV Saxo Bank, Geely's Swedish Unit Set Up 50-50 Fintech JV

(Yicai Global) Dec. 18 -- Denmark's Saxo Bank and China's Zhejiang Geely Holding Group's Swedish subsidiary will jointly set up a fintech joint venture with each holding a 50 percent stake, the pair announced yesterday.

The JV will offer financial and regulatory technology services to Chinese financial institutions and investors, especially in trading investment, intelligent investment advisory, asset management, risk-based pricing and regulatory technology.

Hangzhou-based Geely will fully support the JV's establishment and operation in China, particularly providing experience in localization.

Formed in 1992 and previously named Midas Fondsmæglerselskab, Copenhagen-headquartered Saxo Bank is a fintech firm which focuses on the global capital market as well as multi-asset trading and investment services. It has branches in London, Zurich, Dubai and Tokyo and manages more than EUR45 billion (USD50 billion) in assets for its clients.

Geely became Saxo Bank's major shareholder with a 51.5 percent stake in September last year.

Geely, which formed in 1986, forayed into the auto industry in 1997. It is the controlling shareholder of China's largest private auto maker Geely Automobile Holdings, owns the largest stake in Germany's Daimler, and has acquired Volvo Cars, Lotus, Proton and The London Taxi Company, now re-branded as the London EV Company.

Editor: Ben Armour

Follow Yicai Global on
Keywords:   Saxo Bank,Geely