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

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 pace of overseas investments by Chinese companies, worried about capital outflows. But there are signs that the authorities are still supportive of investments in foreign financial firms, particularly to access new technologies.