by Pablo Mayo Cerqueiro
Jan 9 (Reuters) – Saxo Bank is considering a potential initial public offering (IPO) in Copenhagen, its chairman and chief executive and co-founder Kim Fournais told Reuters, after a failed merger with a SPAC.
“There has always been a wish to take Saxo public,” said Kim Fournais, adding that the Copenhagen Stock Exchange would probably be the preferred venue for an IPO but there is no rush as market turbulence persists.
Saxo Bank, valued at two billion euros in September, may also consider a private placement of shares, which would allow Chinese carmaker Geely and Finnish insurer Sampo to reduce their stakes, a source said.
The online trading specialist will keep “all options open” but his default project is to go public, said Kim Fournais.
“It depends a bit on external factors. We hope they will be much better this year or next year (…) but it could be even later,” said the leader. “We have learned a lot in the SPAC process, which also means we are in a position where we can react quickly.”
Saxo Bank announced in December that it was ending discussions with British financier Edmund Truell’s special purpose acquisition company (SPAC) Disruptive Capital, mainly due to “difficult market conditions”.
Under the preliminary agreement, the merger between Saxo Bank and SPAC would have allowed Geely – which holds 52% of the group’s capital – and Sampo – whose share amounts to 20% – to reduce their stakes.
Geely’s “support for Saxo Bank’s management and strategy continues to this day and into the future,” a spokesperson for the Chinese group said.
A Sampo representative said Saxo Bank was not a key investment and the Finnish financial services group aims to reduce its stake.
In the first half of 2022, Saxo Bank recorded a 12% decline in revenue and a 41% drop in net profit with the slowdown in trading activity and the integration of competitor BinckBank, acquired in 2019. (Version French Laetitia Volga, edited by Blandine Hénault)
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