On March 2, 2026, national competent authorities in Switzerland and Denmark approved J. Safra Sarasin Group?s (JSSG) acquisition of an approximately 71% equity stake in Denmark-based Saxo Bank A/S (Saxo). We believe the transaction will give Saxo a long-term strategic shareholder. JSSG?s international presence may also create synergies and growth opportunities for Saxo, in our view. We therefore affirmed our long-term issuer credit rating on Saxo at 'A-' and the resolution counterparty rating at 'A'. The stable outlook reflects our view that Saxo will achieve solid financial results over the next 12-24 months while maintaining strong capitalization, funding, and liquidity. It also reflects our view that Saxo will benefit from being part of a leading private bank, wealth manager, and
