Mandatum plc announced on 10 March 2025 that it would sell all its shares in Saxo Bank A/S to Bank J. Safra Sarasin Ltd. The completion of the transaction was subject to the receipt of certain customary regulatory and other approvals. All necessary approvals for the transaction have been received, and the transaction was completed on 2 March 2026.
The purchase price received by Mandatum in the transaction completed today was approximately EUR 308 million. Certain items in accordance with the share purchase agreement have been deducted from the original purchase price announced on 10 March 2025, such as an adjustment of approximately EUR 8 million reducing the purchase price, announced by Mandatum on 23 January 2026, which was due to an administrative fine imposed on Saxo Bank.
The company will use the proceeds to repay a EUR 200 million bank loan, which was taken out to finance the acquisition of Saxo Bank shares from Sampo plc in connection with the partial demerger. The transaction has no material impact on results, taking into account the transaction costs. Had the transaction been completed on 31 December 2025, Mandatum’s pro forma solvency ratio without transitional measures on technical provisions would have increased from 169 per cent to approximately 197 per cent as of 31 December 2025 as a result of the decreased solvency capital requirement.
The completion of the transaction has no impact on Mandatum Trader’s customers. Mandatum Services Ltd will continue to provide the Trader service as a tied agent of Saxo Bank also after the completion of the transaction.