Press release, 23 January 2026 at 11:15 a.m. EET
In the stock exchange release published on 10 March 2025, Mandatum plc announced that it would sell all of its shares in Saxo Bank A/S, amounting to 19.83 per cent of total shares outstanding in the company. The release also stated that Mandatum's share of the original purchase price of approximately EUR 319 million might be subject to a downward adjustment.
The Danish Financial Supervisory Authority announced today that it has imposed an administrative fine of DKK 313 million on Saxo Bank due to an inspection focused on the anti-money laundering area. The inspection did not find any instances or signs of money laundering.
As part of the sales negotiations, the parties to the transaction have agreed on an indemnity mechanism according to which the cost of a possible administrative fine will impact the value of Saxo Bank's shares. In accordance with the share purchase agreement, the proportionate deduction due to the impact of the administrative fine to the purchase price to be received by Mandatum in connection with the closing of the transaction is approximately EUR 8 million. The purchase price adjustment is not expected to have a material impact on Mandatum's result upon completion.
The sale of Saxo Bank shares is subject to regulatory approvals. Mandatum still expects that the transaction will be completed in early 2026 and will provide a separate announcement on the completion of the transaction and the final purchase price.
Additional information:
Lotta Borgström
VP, Investor Relations
Tel. +358 50 022 1027
lotta.borgstrom[a]mandatum.fi
Niina Riihelä
SVP, Communications, Brand and Sustainability
Tel. +358 40 728 1548
niina.riihela[a]mandatum.fi
Mandatum in brief
Mandatum is a major financial services provider, combining expertise in asset and wealth management and life insurance. Clients include institutional investors, companies and private individuals. Mandatum offers a broad range of services encompassing asset and wealth management, compensation and rewards, supplementary pensions and personal risk insurance. Skilled personnel, strong brand and proven investment track record are at the centre of Mandatum's success. The company has been listed on Nasdaq Helsinki since 2023.
mandatum.fi/en/group