General Atlantic invested in Saxo Bank in 2005 and both Espirito Santo Financial Group and Banco Espirito Santo invested in Saxo Bank in 2008. Banco Espirito Santo will continue to build the commercial cooperation that the bank has had with Saxo Bank since 2008, namely through Banco BEST that is owned by both entities.
Kim Fournais and Lars Seier Christensen, founders, CEOs and majority shareholders in Saxo Bank, said in a joint statement:
"We are delighted to welcome one of the world's leading investment firms as a major shareholder and business partner. This new phase in Saxo Bank's growth stems from the strong foundation built with the support from our selling shareholders, who have shared in our success to date. We remain enthusiastic about Saxo Bank's future and look forward to working with TPG Capital to capitalise on the many opportunities ahead."
Asiff Hirji, Partner at TPG Capital, said:
"Saxo Bank has achieved impressive growth and we look forward to supporting the future diversification strategy. TPG Capital has a strong track record of investing in and growing financial services businesses, particularly those seeking further expansion in emerging markets, where we see tremendous opportunities for Saxo Bank. We look forward to working with its two founders and CEOs."
Bill Ford, CEO of General Atlantic, and Ricardo Salgado, CEO of Banco Espirito, said in a joint statement:
"We have been pleased with our partnership with Saxo Bank over the last several years and consider this a very successful investment."