Geely Takes Control of Danish Bank

China’s Zhejiang Geely Holding Group has acquired 52% of Copenhagen-based Saxo Bank AS in a deal that values the online trading and investment bank at €1.3 billion ($1.5 billion).

Geely announced its interest in Saxo more than a year ago. The carmaker initially sought a 30% stake, but last November hiked its target to 52%. The deal had been awaiting multiple regulatory approvals.

The carmaker bought the 26-year-old bank because of an expected market swing from car ownership to car sharing, according to The Nikkei. The newspaper explains that the shift will create a need for online tools developed by Saxo to handle such things as customer authentication, process electronic payments and vehicle sharing.

Geely says Saxo’s capabilities will help it expand its financial services in China and elsewhere in Asia.