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Geely in US$300m deal to control Denmark's Saxo Bank

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Geely is acquiring Saxo Bank as part of a diversification drive. It is the first major investment into financial services for the Chinese company that owns Swedish carmaker Volvo.

Copenhagen

CHINESE carmaker Zhejiang Geely Holding Group will increase its stake in Denmark's Saxo Bank to above 50 per cent in a US$300 million-plus deal that highlights China's drive to tap the expertise of European financial firms.

Beijing has generally been trying to slow the...

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