February 5, 2018 / 8:11 AM / 20 days ago

Saxo Bank divests most of its Danish banking unit for $60 mln

COPENHAGEN, Feb 5 (Reuters) - Saxo Bank, which mainly operates online trading platforms, has agreed to sell the majority of its Danish banking unit to Danish bank and insurance group Alm. Brand for 360 million Danish crowns ($60.22 million).

* The acquisition price corresponds to the book value of the acquired assets and liabilities, the two companies said in a joint statement on Monday.

* The business unit, Saxo Privatbank, has 15,000 private customers and 2,500 small and medium-sized businesses customers.

* The deal has to be approved by Danish authorities and the takeover is expected to be completed on April 1.

* Chinese carmaker Zhejiang Geely Holding Group said in October it would increase its stake in Saxo Bank to more than 50 percent, a deal that still awaits authorities’ final approval. ($1 = 5.9777 Danish crowns) (Reporting by Teis Jensen; Editing by Simon Johnson)

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