Indonesia’s Sinar Mas Group has purchased a 9.9% stake in Danish lender Saxo Bank for DKK 951m ($146m) from the bank’s co-founders and some minority shareholders.
The bank’s co-founders, Kim Fournais and Lars Seier Christensen, have together offloaded a 7% holding in the business to the Indonesian group.
The duo will however, continue to own over half of the bank’s equity equivalent to 52%, as well as will continue to be its controlling shareholders, in cooperation with global private equity firm TPG Capital.
Other minority shareholders exercised their Tag-Along Right to sell a combined 2.9% of their stake in the bank.
Commenting on the deal, which has valued the bank at DKK9.6bn ($1.45bn), Kim Fournais and Lars Seier Christensen said: "This is a strategic sale of shares following an offer received from a partner who will really help open further doors to the Asian markets, where Saxo Bank is already experiencing solid growth.
"We look forward to a close and successful collaboration with Sinar Mas Group supporting investors and traders in Asia with unparalleled access to global financial markets.