64146
Geely is set to establish in Europe with bank share purchase.
Geely is set to establish in Europe with bank share purchase.

Geely’s Foray into Financial Services in Europe

Geely’s Foray into Financial Services in Europe

Denmark’s Saxo Bank co-founder Lars Seier Christensen agreed to sell his 26% stake in the bank to a subsidiary of Chinese automaker Zhejiang Geely Holding Group.
The investment marks Geely’s first foray into financial services, Reuters reported on May 10.
Geely is better known as the owner of Volvo Cars, London Taxi Co. (Black Cabs) and its own auto brand in China.
It also sells vehicles in Iran, and will soon kick start production with Bam Khodro in the south of the country.
The GC6 sedan will be the first locally-assembled product of Geely to be offered in the Iranian auto market and is expected to be priced at 500 million rials ($13,000).
Meanwhile, some bank minority shareholders could exercise so-called tag-along rights that would increase Geely’s stake to 30%, making it the largest shareholder, Saxo Bank said.
The bank derives most of its income from its online trading services for foreign exchange traders rather than traditional banking.
Kim Fournais, who founded Saxo Bank with Christensen and Marc Hauschildt in 1992 and still owns a 26% stake, said the new Chinese shareholder could help increase revenue opportunities.
“I am confident that partnering with Geely creates an even stronger foundation to capitalize on the many global opportunities and not least in the growing Chinese and Asian markets,” Fournais said.
Saxo Bank has 1,600 employees in 18 countries and generated operating revenue of $428 million (3.0 billion yuan) last year.
It declined to disclose financial terms of the deal, which it hoped to finalize in the fourth quarter.

Short URL : https://goo.gl/E8RvnK
  1. https://goo.gl/hR59Ev
  • https://goo.gl/qEbKhX
  • https://goo.gl/1rxAYR
  • https://goo.gl/1VxY0d
  • https://goo.gl/IACVyU

You can also read ...

Most French Firms ‘Won’t Be Able to Stay’ in Iran
Most French companies hoping to keep doing business in Iran...
Iran, Syria Mull Prospects of Economic, Trade Cooperation
Syrian Minister of Economy and Foreign Trade Mohammad Samer al...
Iran to Make Most of Eurasia Preferential Trade Agreement
Iran’s ambassador to Kazakhstan highlighted Tehran’s efforts...
President Hassan Rouhani, flanked by Parliament Speaker Ali Larijani (R) and Judiciary Chief Ayatollah Sadeq Amoli Larijani, attended the meeting in Tehran on June 19.
The Supreme Council of Economic Coordination, a joint meeting...
Iran Steel Output Surges 13%
Iranian steelmakers produced a total of 7.66 million tons of...
Second Preparatory Meeting for ‘Sports Economy Conference’
Donya-e-Eqtesad Media Group played host to the second...
Google to Invest $550m  in China’s JD
Google is investing $550 million in cash in China’s JD.com Inc...
Border Transit Rises 11% in 2 Months
More than 1.59 million tons of commodities were transited...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus