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Saxo Bank carved up
The Financial Supervisory Authority of Denmark has approved thepurchase of a majority of foreign exchange brokerage Saxo Bank to a couple of foreign entities.
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Specifically, Zhejiang Geely Holding Group of China has bought 52 percent of the company and Sampo of Finland has bought 11 percent. Saxo Bank was valued at $1.550 billion for the purposes of the transaction.
Saxo Bank CEO Kim Fournais will retain his 25 percent share.
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