Portugal’s Espírito Santo Financial Group (ESFG) and Banco Espírito Santo Group (BES Group) has taken a 5% stake in Saxo Bank. It also has an option to expand this to 10% within five months, which would make it the third-largest shareholder behind Saxo’s two founders and joint chief executives, Kim Fournais and Lars Seier Christensen, and General Atlantic, the US private equity fund. The deal is believed to value Saxo at about €1.26 billion ($1.8
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