As part of the deal, TPG has the option to increase its stake to 40 per cent, but Kim Fournais and Lars Seier Christensen, Saxo Bank’s founders, will retain majority ownership and stay on as chief executives even if the investment firm uses that option.

Texas-headquartered TPG bought its stake from, among others, General Atlantic, the global growth equity firm, and Banco Espirito Santo, the Portuguese bank.

The deal is subject to customary regulatory and competition authority approvals.

Saxo Bank said in a statement its co-operation with Banco Espirito Santo will continue through Banco BEST, which is owned by both entities.

In other developments, Saxo Bank bought 25 per cent of Leverate, the financial services technology company, at the beginning of August.