COPENHAGEN -- Saxo Bank co-founder Lars Seier Christensen agreed to sell his 26 percent stake in the Danish company to a subsidiary of Chinese automaker Zhejiang Geely Holding Group.
The investment marks Geely's first foray into financial services.
Geely is better known as the owner of Volvo Car Corp., London Taxi Co. and its own auto brand in China.
Some Saxo Bank minority shareholders could exercise so-called tag-along rights that would increase Geely's stake to 30 percent, making it the company's largest shareholder, Saxo Bank said.
Saxo Bank derives most of its income from its online trading services for foreign exchange traders rather than traditional banking.
Kim Fournais, who founded Saxo Bank with Christensen and Marc Hauschildt in 1992 and still owns a 26 percent stake, said the new shareholder could help the company with new revenue opportunities.
"I am confident that partnering with Geely creates an even stronger foundation to capitalize on the many global opportunities and not least in the growing Chinese and Asian markets," Fournais said.
Saxo Bank has 1,600 employees in 18 countries and generated operating revenue of $428 million (3.0 billion yuan) last year.
The companies declined to disclose financial terms of the deal, which they hope to finalize in the fourth quarter.