Safra Sarasin Is Said to Explore Deal for Denmark’s Saxo Bank

Bank J. Safra Sarasin is exploring a potential acquisition of Denmark’s Saxo Bank A/S, according to people familiar with the matter.

The Swiss bank has been holding talks with Saxo Bank about a possible transaction, the people said, asking not to be identified because talks are private. Some other suitors have dropped out of the bidding after failing to reach an agreement, according to the people.

Saxo said in July that it hired Goldman Sachs Group Inc. to sell itself. The firm’s major shareholders include Geely Holding Group, Finland’s Mandatum Oyj and founder Kim Fournais. Interactive Brokers Group ...