J. Safra Sarasin Group, a private bank and wealth manager headquartered in Basel, Switzerland, has agreed to acquire about 70% of Danish electronic investment bank Saxo Bank.

The shares were previously held by Geely Financials Denmark, a subsidiary of Zhejiang Geely Holding Group, and Mandatum Group. Financial terms of the deal were not disclosed.

The Swiss bank says the transaction highlights its strategy of undertaking acquisitions in innovative and diversified financial businesses, and further enhances the group’s successful growth and international footprint in financial services.

Saxo Bank’s expertise in digital investments and trading platforms complements J. Safra Sarasin’s heritage of bespoke wealth and asset management solutions, according to a statement released by the two companies.

J. Safra Sarasin, founded in 1841, boasts client assets of US$247 billion, while Saxo Bank has US$118 billion in client assets.

Saxo Bank will continue to operate as a standalone entity, with its founder Kim Fournais continuing as chief executive officer and retaining a 28% ownership.

J. Safra Sarasin plans to integrate Saxo’s technology platform, “establishing a new frontier in wealth management and setting a benchmark for innovation and client experience in the industry”, the statement says.

The deal is subject to standard regulatory and other approvals, including from the Swiss Financial Market Supervisory Authority ( Finma ) and the Danish Financial Supervisory Authority.