Saxo Bank announces agreement to sell uruguay subsidiary to DIF Broker
Saxo Capital Markets Agente de Valores sold to long standing White Label partner
Saxo Bank A/S today announces that it has agreed to sell its Uruguayan subsidiary, Saxo Capital Markets Agente de Valores, to DIF Broker, a long term White Label of Saxo Bank. The transaction, having been approved by the relevant authorities, is subject to customary closing conditions and DIF Broker is expected to be the new shareholder of the company as of 31 December 2016.
The sale of the Uruguayan subsidiary is part of Saxo's strategy to deepen the physical presence in selected markets whilst having a strategy of working closely with local partners in markets where the benefits of a partnership outweigh the need of a physical presence.
Clients of Saxo's Uruguayan subsidiary will continue to be serviced by their existing relationship managers and have access to the same services and products.
Commenting on the transaction Kim Fournais stated, “The sale of our Uruguayan subsidiary is part of Saxo's strategy to go deep in certain key markets ourselves and be present in other markets through strong partnerships. Having provided white labelling services to DIF Broker for more than 15 years, we know they are well suited to continue the distribution of our services and technology in these markets, and we are confident that clients will continue to experience the same well-known service and expertise."
Paulo Pinto, COO of DIF Broker said, “The agreement we reached with Saxo Bank allows us to deepen our long standing partnership and commitment to the distribution of their technology and the development of new products around it. It also allows us to fulfil our wider strategic plans to expand geographically, and further develop our client base. We are very excited about the acquisition and we look forward to offering clients an even wider set of trading and investment products and services. It is important to note that for clients only the shareholder and the name of the company will change, the agreements in place are to remain unchanged.
About DIF Broker
DIF Broker was founded in 1999 in Portugal and since then it has established itself in the European Market being named Best Western Online Broker for the past four years by World Finance Magazine and Global Finance Magazine.
During this time it has developed highly innovative offerings such as a portfolio management service that enables clients to choose a menu of different portfolios managed by different portfolio managers classified according to a risk score.
Saxo Bank Group (Saxo) is a leading Fintech specialist focused on multi-asset trading and investment and delivering ‘Banking-as-a-Service’ to wholesale clients.
For 25 years, Saxo’s mission has been to democratize investment and trading, enabling clients by facilitating their seamless access to global capital markets through technology and expertise.
As a fully licensed and regulated bank, Saxo enables its direct clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices. Additionally, Saxo provides wholesale institutional clients such as banks and brokers with multi-asset execution, prime brokerage services and trading technology, supporting the full value chain delivering Banking-as-a-Service (BaaS).
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 launching its first online trading platform in 1998, Saxo Bank was a Fintech even before the term was created. Headquartered in Copenhagen Saxo today employs more than 1500 people in financial centers around the world including London, Paris, Zurich, Dubai, Singapore, Shanghai, Hong Kong and Tokyo.