Saxo Bank UK’s long-serving Chairman, Richard Balarkas, is stepping down. His resignation, as announced by the UK Companies House, comes just one day after Swiss banking giant J. Safra Sarasin Group finalized its acquisition of a 70% stake in Saxo Bank.

Balarkas’ departure from Saxo UK signals the first of what could be several leadership changes following the acquisition . The industry veteran has been with Saxo Capital Markets UK Limited since 2015, bringing experience from previous roles at Credit Suisse and Instinet Europe.

Saxo Bank’s Takeover by Safra Sarasin

J. Safra Sarasin, a Swiss private banking powerhouse, recently secured a controlling stake in Saxo Bank in a deal worth approximately €1.1 billion ($1.19 billion). The Danish online trading provider, however, reassured stakeholders that it will continue to operate independently.

The latest acquisition placed Saxo’s total valuation at around €1.6 billion. As part of the transaction, Safra Sarasin will reportedly acquire Finnish firm Mandatum’s 19.8% stake as well as the 49.9% previously held by Chinese automotive conglomerate Geely.

Saxo Bank’s founder and CEO, Kim Fournais, will retain his 28% ownership and continue to lead the company. Despite the ownership change, Saxo Bank has emphasized its commitment to operating independently.

Last year, Saxo UK’s former CEO, Charles White-Thomson, resigned. White-Thomson, who reportedly played a crucial role in steering the financial technology giant, also stepped down from the Board of Directors of Saxo Capital Markets UK Ltd.

Leadership Shifts and What’s Next

The leadership adjustments and the acquisition came at a time when Saxo UK's financial performance was strong. Towards the end of last year, the company reported a 7% rise in net profit in 2023, reaching £11.2million.

Assets under management (AUM) surged 15% to £2 billion, while the number of clients increased by 4,000 to a total of 127,000. Trading revenue remained stable at £27.9 million, and profit before tax climbed 13% to nearly £15 million.

On a broader scale, Saxo Group recorded a net profit of DKK 260 million in 2023, a decline from the previous year’s DKK 711 million. However, the adjusted net profit stood at DKK 653 million, reflecting a moderate 8.1% decrease. While Kim Fournais remains at the helm, further strategic shifts could be on the horizon as Safra Sarasin integrates its majority stake.