Saxo Bank strengthens its capital base with EUR 77.5 million
CarVal Investors, a leading global investment fund manager with more than USD 10 billion under management, became note owners when investing in the Convertible Tier 2 and minority shareholders when subscribing shares equal to 2.5% of the share capital before this issue.
In a joint statement, Kim Fournais and Lars Seier Christensen, co-CEOs and co-founders of Saxo Bank said:
“In the process of exploring opportunities in the market, we found a combination which allows us to both issue additional capital and raise equity capital which will benefit the Bank, the shareholders, investors and clients. This framework enables Saxo Bank to not only meet potential future capital requirements, but also to consolidate our market position as a solid industry player. The investment is testament to the trust in the bank’s ability to capitalise on significant growth opportunities. We welcome CarVal Investors as new shareholders and note owners.”
The Tier 2 instrument fulfils the new European capital regulations and is subject to conversion into ordinary shares if the common equity tier 1 ratio in the Saxo Bank Group and/or Saxo Bank A/S falls below 7 per cent.
Following the issues then Saxo Bank A/S and Saxo Bank Group’s regulatory capital ratio are 22.8% and 19.0% respectively while the estimated solvency need is 13.8% and 12.8% respectively.
Saxo Bank Group (Saxo) is a leading multi-asset trading and investment specialist, offering a complete set of trading and investment technologies, tools and strategies.
For 25 years, Saxo’s mission has been to enable individuals and institutions by facilitating their access to professional trading and investing through technology and expertise.
As a fully licensed and regulated bank, Saxo enables its private clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices. Additionally, Saxo provides institutional clients such as banks and brokers with multi-asset execution, prime brokerage services and trading technology.
Saxo’s award winning trading platforms are available in more than 20 languages and form the technology backbone of more than 100 financial institutions worldwide.
Founded in 1992 and headquartered in Copenhagen, Saxo employs more than 1500 people in financial centres around the world including London, Singapore, Paris, Zurich, Dubai and Tokyo.