Saxo Bank Sells Payments Business to Swedish Private Equity Firm
Posted: Sun Jul 08, 2018 7:28 am
Stockholm-based private equity firmEQT has announced today that it will acquire Saxo Payments Banking Circle, the online cross-border payments unit, from Saxo Bank A/S and other minority owners.
After the acquisition, EQT VIII fund and EQT Ventures fund (jointly EQT) will have the majority ownership of Banking Circle. The transaction is expected to close in the fourth quarter of 2018 once approval is received from financial regulators.
Saxo Bank’s narrowing focus
This acquisition is the latest in a pattern for Saxo Bank. Recently, the company has been slimming down its operations to focus on its core brokerage business. ... (read more)