Geely takes controlling stake in Denmark’s Saxo Bank
Automaker continues trend of Chinese investment in European financial services
Following their original 30% stake purchase last May, Chinese carmaker Geely has upped their share of Denmark’s Saxo Bank Group to 51.5%.
As Reuters reports this week, the deal extends a recent string of Chinese investments into European financial services.
Last month Lenovo owner Legend Holdings bought Banque Internationale a Luxembourg for US$1.76 billion. The same month also saw both HNA Group and Anbang Insurance Group separately consider bids for German insurer Allianz, sources say. HNA Group became the largest shareholder of Deutsche Bank last May.