Latest news with #KimFournais
Forbes
24-06-2025
- Forbes
Inside A Billionaire Banker's Laboratory For Sustainable Luxury Travel
The original lighthouse of Vejrø island Courtesy of Vejrø Resort Maybe it's utopian. Maybe it's dogmatic. Maybe it's ideologically rigorous. That's largely beside the point. A stay on Denmark's Vejrø island is a pure pleasure. Vejrø is not a political project. There's no preaching. But in fact, it's the owner's deep commitment to state-of-the-art sustainability and regeneration that underlies all the island's pleasures: the exuberant flavor of just-picked vegetables. The soft Atlantic quietly lapping at the pebbled beaches. The simple 19th-century houses that were home to generations of islanders. The island, which spans almost 400 acres, is not connected to the mainland and is powered only by what it harnesses and creates. It's the passion project of billionaire Kim Fournais, who co-founded the Nordic fintech powerhouse Saxo Bank in 1992 and still serves as its CEO. But he also spent much of the past two decades developing his vision for Vejrø—which he purchased in 2005—revitalizing its structures and land, and using the island as a nature-forward gathering place for his family, colleagues and friends. Some of the accommodations on the island Courtesy of Vejrø Resort Now that this vision is more complete, he and his team are working to attract more people to Vejrø. While the island is still a popular destination for corporate gatherings and private celebrations, it's also positioning itself as a place for sailors, day trippers, overnight guests, weekenders and anyone who wants a deep immersion in rural tranquility and a glimpse of what's possible when technology and nature work together. 'I think it's kind of obvious to most people that the world is not necessarily in balance now climate-wise, ecologically, geopolitically,' says Fournais. 'So to have a small place like this, if you can build sustainability in 155 hectares where people can have relaxed luxury and calm down a little bit…. And then produce our own energy and produce our own food and make sure we have regenerative farming with a lot of biodiversity…' He trails off, considering what he's building. 'I love the nature. I love being here,' he continues. 'I think it's amazing to be here, but I also think it's a very, very important thing because if you can do it on 155 hectares, you can do it everywhere.' Some of the greenhouses and gardens Courtesy of Vejrø Resort In some ways, Vejrø is not unlike other Nordic islands, like Denmark's Bornholm or Sweden's Gotland, where a windswept rustic simplicity is mixed with a strong gourmet sensibility. That famous Scandinavian hygge is less a branding gambit than an unassuming fiber that's woven through everything. But Vejrø is much smaller and more tightly controlled, fully based on the dreams of one entrepreneur and unique in its thoroughgoing hybrid of the homespun and the high tech. Fournais has invested millions in a wind turbine and solar power system that produces both electric and thermic energy, a reverse-osmosis plant and a biological micro-treatment plant. (The latest addition is a new electric hydrofoil, one of only four in the world and an investment of more than $2 million. It's bringing its first guests to the island from Karrebæksminde, about an hour's drive from Copenhagen, this week.) The machines are all programmed to work together in a microgrid, and relevant staffers monitor its real-time data on an app on their phones. Visitors who want to nerd out with them are more than welcome: Operations director Steen Erik Højgaard happily leads tours around the island on foot or in a little electric vehicle, answering question after question about how it all works. The island from above Courtesy of Vejrø Resort But there's no need to be an environmentalist or a data scientist to enjoy Vejrø. While the island is largely forest; grazing areas for pigs, cattle, sheep and chickens; or plots that are cultivated following the principles of regenerative agriculture, the man-made parts are a handcrafted homage to simpler times. The island was inhabited until the 1980s, with houses, a lighthouse, a school and a store, but it never had a ferry to the mainland or even a marina. Their building style was simple, and they never added a lot of flourishes. Over time, the structures degraded. And because people understandably tend to be more motivated to ship goods into the place where they live than to ship them out when they leave, the last residents left behind cars and appliances and other large trash. 'I had to start by throwing out a hundred tons of garbage. It was all overgrown and so forth,' says Fournais. 'But I'm the kind of person who sees a lot of opportunities in many things, and I love nature. I just thought this would be a great experiment, but also a good proof of concept that you could take something that was like an outcast, that was really not in balance at all, and try to change that by being committed.' Directions on the island Courtesy of Vejrø Resort He and his team used old photos and worked with architects to re-create a residential structure that feels true to the past. The historic houses were restored and sometimes expanded, creating 35 guest rooms spread across buildings around the island. These range from cozy doubles to a romantic suite with a wood-burning stove beside the freestanding bathtub. (There are an additional five glamping tents, with the possibility to set up more for larger events.) The accommodations are soothing and perfectly comfortable, but you don't come to Verjø for a luxury hotel experience. You come to reconnect with nature and its rhythms. A big piece of that is the food that's grown, raised or hunted on the island. (Species such as pheasants and deer have been reintroduced, and humanely culling the herds is part of sustainable wildlife management.) 'I think we got a little bit out of sync with how to live an active, sustainable life,' says Fournais, pointing out that his country's biggest company (by far) is one that sells a pharmaceutical solution to some of the problems caused by that asynchrony. A stay at Vejrø won't reverse that, of course, but it offers a chance to eat wholesome food and feel good about it. The suite Courtesy of Vejrø Resort It's also delicious. At lunchtime, the Skipperly restaurant serves smørrebrød (open-face rye bread sandwiches) with toppings like batter-fried fish and tiny shrimps in mayo, or green asparagus with boiled eggs and lighthouse cheese—'we're very Danish and very proud of that,' says the island's administrative director, Charlotte Winter Cederbye—but they've recently changed the concept to be gastronomic at night. Now they're calling it Restaurant Gaia and aiming for a Michelin green star and inclusion in the White Guide (the Nordics' answer to Michelin). The dinner offer, for overnight guests, is a series of ever-changing tasting plates composed of meat raised on the island, vegetables grown in its fully organic garden plots and greenhouses, and fish caught in the waters nearby: turbot with wild asparagus and caviar, for example, or grilled langoustine with miso-fermented tomato and rosemary flowers. There's a great deal of technique, and the presentations are beautiful, along the lines of what you'd find in many fine dining restaurants in Europe. But they're not abandoning any principles to play the gastronomy game. They bring in olive oil and wine, but that's about it. In late May, a request for fresh fruit at breakfast went politely unmet; that simply wasn't something the island was giving then. A chef gathering herbs from the garden plots Anthon Unger Of course, there were delicious alternatives on offer, and the equilibrium was kept. Luxury here is not abundance. It's something deeper. 'I think it's really the combination of showing how we as people can find a balance but without giving away [nice things],' says Fournais, who admits that Vejrø is not yet profitable or break-even as a business. He's aiming for it to become viable now that all of its elements are complete. 'I think that there's a lot in the debate where environmental fighters want us to more or less dig a hole and change our lifestyle completely and not travel anymore and not do the things that people like. I don't think that's very likely, and I don't think it's common sense because there are a lot of [developing] countries that are, I think, equally keen to get a better life like the rest. I think the right way forward is to find out how you can apply technology.' He continues, 'My job here is not to change the world, but it's just to give an indication that there can be spots where you can build self-sustainability in a different way, but still where it's a great experience.' MORE FROM FORBES Forbes This Wildly Creative Restaurant Turns Campfire Cooking Into Fine Dining By Ann Abel Forbes At Copenhagen's New Epicurus, Fine Dining Meets Subterranean Jazz By Ann Abel Forbes This Maverick British Chef Is Rewriting The Rules Of Fine Dining By Ann Abel
Yahoo
10-03-2025
- Business
- Yahoo
Safra Sarasin to buy 70% stake in Saxo Bank
J. Safra Sarasin Group, an entity engaged in private banking and wealth management, has signed an agreement to acquire approximately 70% of Saxo Bank. The transaction is said to be valued at around $1.19bn. The shares were previously held by Geely Financials Denmark, part of Zhejiang Geely Holding Group, and Mandatum Group. The acquisition, which will see J. Safra Sarasin Group's client assets increase to $247bn and Saxo Bank's to $118bn, is aimed at bolstering the long-term potential of both institutions. Saxo Bank CEO and founder Kim Fournais said: 'For Saxo, our employees, shareholders, clients, and partners, and me personally, today marks an inflection point. 'I have worked with an outstanding team, focusing on continuously improving Saxo for the mutual benefit of all our stakeholders, including clients and partners. roup with over 180-year heritage and long-term perspective.' Saxo Bank, established in Copenhagen in 1992, offers multi-asset trading solutions and serves as a fully licenced bank under Danish FSA supervision. With an advanced open banking technology (BaaS), Saxo powers over 150 financial institutional partners worldwide. Saxo Bank will complement Safra Sarasin's wealth management solutions. Saxo Bank's CEO and founder, Kim Fournais, will continue to lead the bank, maintaining a 28% ownership. Saxo Bank will remain a standalone entity, preserving its brand and operational independence. J. Safra Sarasin Group chairman Jacob Safra said: 'This strategic acquisition represents a significant milestone for J. Safra Sarasin. 'It creates new opportunities for expansion and further increases our competitive edge, while reflecting our unwavering multi-generational commitment to entrepreneurship, sustainability and client success.' The transaction awaits approval from regulatory bodies, including the Swiss Financial Market Supervisory Authority (FINMA) and the Dubai Financial Services Authority (DFSA). In October 2024, Saxo Bank introduced a new investment platform through Saxo UK, aimed at buy-and-hold and active investors in the UK. J. Safra Sarasin operates banks in over 30 locations across Europe, Asia, the Middle East, Latin America, and the Caribbean. It manages client assets totalling CHF224bn ($254.5bn) and employs approximately 2,550 people, with stockholders' equity amounting to CHF5.8bn ($6.5bn). "Safra Sarasin to buy 70% stake in Saxo Bank" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
10-03-2025
- Business
- Zawya
J. Safra Sarasin Group, a global leader in private banking and wealth management, to acquire a majority stake in Saxo Bank
Transaction Aimed at Enhancing the Global Long-term Potential of Both J. Safra Sarasin Group, with Client Assets of USD 247 Billion, and Saxo Bank, with USD 118 Billion in Client Assets. J. Safra Sarasin Group and Saxo Bank announce today the signing of a strategic acquisition by J. Safra Sarasin of approximately 70% of Saxo Bank, previously held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, and Mandatum Group. This transaction highlights J. Safra Sarasin Group's strategy of undertaking acquisitions in innovative and diversified financial businesses, and further enhances the Group's successful growth and international footprint in financial services. Saxo Bank will continue to operate as a standalone entity, with its founder and CEO, Kim Fournais, continuing as CEO and retaining approximately 28% ownership, underscoring the stability and continuity of the Business, and reinforcing its long-term vision of creating value for all clients, partners and employees. This acquisition is in line with J. Safra Sarasin Group's dedication to building its platform of long-term value creation for its clients. Saxo Bank's proven expertise in digital investments and trading platforms perfectly complements J. Safra Sarasin's heritage of bespoke wealth and asset management solutions. J. Safra Sarasin and Saxo Bank are united by shared values of excellence, stability, and client centricity. J. Safra Sarasin plans to integrate Saxo's technology platform, establishing a new frontier in wealth management and setting a benchmark for innovation and client experience in the industry. For Saxo Bank, joining J. Safra Sarasin Group represents an exceptional opportunity to strengthen its foundation for continued future growth, delivering award-winning platforms and innovative products to its clients and partners. J. Safra Sarasin Group's financial stability, global presence, and expertise in sustainability positions Saxo Bank to expand its offering and accelerate its mission to deliver cutting-edge platforms and services to clients and partners, while continuing to pioneer new standards for client experience in online investments and trading. With the support of J. Safra Sarasin, Saxo will also strengthen its trusted long-term BaaS partnerships with banks, corporates, family offices, asset managers, and independent wealth managers within its institutional client segment. Commenting on the Transaction, Jacob J. Safra, Chairman of J. Safra Sarasin Group, said: 'This strategic acquisition represents a significant milestone for J. Safra Sarasin. It creates new opportunities for expansion and further increases our competitive edge, while reflecting our unwavering multi-generational commitment to entrepreneurship, sustainability and client success. The addition of a leading international fintech bank to our Group further underscores our strong commitment to shaping the future of financial services, creating a robust forward-thinking powerhouse primed for long-term growth.' Commenting on the Transaction, Kim Fournais, CEO and Founder of Saxo Bank, said: 'For Saxo, our employees, shareholders, clients, and partners, and me personally, today marks an inflection point. I have worked with an outstanding team, focusing on continuously improving Saxo for the mutual benefit of all our stakeholders, including clients and partners. Saxo proudly welcomes J. Safra Sarasin as new majority shareholder, a family-owned banking group with over 180-year heritage and long-term perspective. I feel great pride and comfort knowing that Saxo has found its ideal long-term partner. The win-win opportunities which our business models will create are unique, extending to our employees, clients, and partners. I am incredibly proud of and thankful to Geely and Mandatum for their invaluable support to Saxo since becoming shareholders in late 2018. As we welcome J. Safra Sarasin as our new shareholder, we remain committed to our mission of delivering best-in-class investing and trading platforms to get more curious people invested in the world.' Commenting on the Transaction, Daniel Belfer, CEO of J. Safra Sarasin Group, added: 'This transaction reflects our commitment to thoughtful, strategic acquisitions that support our long-term vision. As we are looking forward to extending a warm welcome to Saxo Bank's clients, partners and employees into our Group, we reinforce our dedication to fostering innovation and excellence while maintaining a clear focus on distinct business segments.' The transaction is subject to standard regulatory and other approvals, including from the FINMA and the DFSA. -Ends- For more information please contact: Media Relations: E-mail: media@ E-mail: press@ About J. Safra Sarasin Group – Sustainable Swiss Private Banking since 1841 As an international group committed to sustainability, J. Safra Sarasin is well established through its banks in more than 30 locations in Europe, Asia, the Middle East, Latin America and the Caribbean. A global symbol of private banking and wealth management tradition, the group emphasizes security and well-managed conservative growth for its clients. It manages total client assets of CHF 224 billion and employs about 2,550 staff, with stockholders' equity of CHF 5.8 billion. About J. Safra Group The J. Safra Group (the 'Group'), with total assets under management of USD 345 billion, consists of privately-owned banks under the Safra name and investment holdings in assetbased business sectors such as real estate and agribusiness. The Group's banking interests in more than 200 locations globally, are: J. Safra Sarasin, headquartered in Basel, Switzerland; Banco Safra, headquartered in Sao Paulo, Brazil; and Safra National Bank of New York, headquartered in New York City, USA; all independent from one another from a consolidated supervision standpoint. The Group's real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City's 660 Madison Avenue office complex and London's iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. With deep relationships in markets worldwide, the Group is able to greatly enhance the value of businesses which are part of it. There are more than 35,000 employees associated with the J. Safra Group. About Saxo Bank At Saxo we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo's purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional grade tools and easy access to global financial markets for anyone who wanted to invest. Today, Saxo is an international award-winning FinTech for investors, traders and Institutional (BaaS) partners who are serious about making more of their money. As a well-capitalised and profitable FinTech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. As one of the first fintechs in the world, Saxo continues to invest heavily into technology to ensure that Saxo's clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Saxo's open banking technology (BaaS) powers more than 150 financial institutional partners, boosting the investment experience and the tools offered to end clients (B2B2C). Headquartered in Copenhagen, Saxo has more than 2,300 professionals in financial centers around the world including London, Singapore, Amsterdam, Zurich, Dubai and Tokyo. Legal notice This media release has been prepared by Bank J. Safra Sarasin Ltd, Switzerland (hereafter 'Bank'), for information purposes only. It contains selected information and does not purport to be complete. This document is based on publicly available information and data ('the Information') believed to be correct, accurate and complete. The Bank has not verified and is unable to guarantee the accuracy and completeness of the Information contained herein. Possible errors or incompleteness of the Information do not constitute legal grounds (contractual or tacit) for liability, either with regard to direct, indirect or consequential damages. In particular, neither the Bank nor its shareholders and employees shall be liable for the opinions, estimations and strategies contained in this document. The opinions expressed in this document, along with the quoted figures, data and forecasts, are subject to change without notice. A positive historical performance or simulation does not constitute any guarantee for a positive performance in the future. Discrepancies may emerge in respect of our own financial research or other publications of the J. Safra Sarasin Group relating to the same financial instruments or issuers. It is impossible to rule out the possibility that a business connection may exist between a company which is the subject of research and a company within the J. Safra Sarasin Group, from which a potential conflict of interest could result. This document does not constitute either a request or offer, solicitation or recommendation to buy or sell investments or other specific financial instruments, products or services. It should not be considered as a substitute for individual advice and risk disclosure by a qualified financial, legal or tax advisor. This document is intended for media companies and media employees working in countries where the J. Safra Sarasin Group has a business presence. The Bank does not accept any liability whatsoever for losses arising from the use of the Information (or parts thereof) contained in this document. © Copyright Bank J. Safra Sarasin Ltd. All rights reserved
Bloomberg
10-03-2025
- Business
- Bloomberg
Swiss Private Bank J. Safra Sarasin to Buy 70% in Denmark's Saxo
Bank J. Safra Sarasin agreed to buy about 70% of Danish fintech Saxo Bank A/S for an undisclosed amount, adding to a flurry of deals in the European financial services sector. The stake acquired by the Swiss private bank was previously held by Geely Financials Denmark A/S, a subsidiary of Zhejiang Geely Holding Group Co. Ltd, and Mandatum Group, according to a statement Monday. Saxo's Founder and Chief Executive Officer Kim Fournais will continue as CEO and retain around 28% of Saxo, which will continue to operate as standalone entity.
Mid East Info
04-03-2025
- Business
- Mid East Info
Saxo Bank Reports Record-Breaking 287% Profit Surge in 2024 Results - Middle East Business News and Information
The Saxo Bank Group announces its financial results for 2024, achieving the best results in the company's history. The Group reported a net profit of USD 146 million for 2024, compared to a net profit of USD 38 million for 2023, corresponding to an increase of 287%. The adjusted net profit for 2024 ended at USD 156 million. In early 2024, Saxo Bank implemented favorable reduced pricing for clients as part of its new global pricing strategy. This reduction is part of the ongoing commitment to improve the value offered to clients and is closely linked to the ability to provide cost-effective solutions alongside the bank's award-winning platforms, products, and services. By meeting the clients' needs and becoming a price-leader across many markets, Saxo Bank experienced sustained growth and reached a record of almost 1.3 million clients by the end of 2024, with all time high client assets of USD 118 billion. 2024 key figures at a glance (2023): Total income: USD 677 million (USD 650 million) Net profit: USD 146 million (USD 38 million) Adjusted net profit: USD 156 million (USD 95 million) Total equity: USD 868 million (USD 923 million) Total client assets: USD 118 billion (USD 108 billion) Total number of clients: 1,286,000 (1,159,000) Capital ratio: 29% (32%) Commenting on the results, Kim Fournais, CEO and Founder of Saxo Bank, said: 'I am very proud to report that 2024 was the best financial year in Saxo Bank's history. This is clearly a very satisfactory result for us. The progress underscores our steadfast commitment to creating value for all our stakeholders and strengthening our foundation for sustainable growth. With almost 1.3 million clients and client assets reaching an impressive USD 118 billion, these milestones showcase the trust and confidence placed in Saxo Bank. Our comprehensive trading and investment platforms have provided robust tools and resources, enabling our clients and partners to navigate the markets efficiently and build more resilient, diversified portfolios. The result is naturally also a large testament to the collective efforts of our employees who have driven Saxo Bank's performance and achievements this year. In 2024, we welcomed several new initiatives to make Saxo Bank attractive for even more people. A few highlights are the introduction of more competitive prices across products and the launch of our automated monthly investing account known as AutoInvest. We also introduced our Investor platforms to more markets, enabling more curious people to get invested in the world. Moving forward, our strategic focus remains unchanged. We continue to focus on growing our number of clients and client assets, and on enhancing the product and platform offerings to the benefit of our clients while focusing on our core markets. In our commitment to protecting our clients and upholding the integrity of our business, Saxo Bank has continued to make significant investments and improvements in compliance, anti-money laundering, cyber security, and risk management. This will remain a core priority as well.' The full report is available here:
