Banca Generali and Saxo Bank sign agreement
Banca Generali and Saxo Bank sign agreement to offer a unique range of digital and global trading services. The process has started to form BG-SAXO Sim to offer exclusive access in Italy to Saxo's innovative technology and expertise.
The Board of Directors of Banca Generali has today approved the final agreement with Denmark’s Saxo Bank which sets up an exclusive partnership for the provision of online trading and digital services to Italian clients. The objective of the partnership, which has a duration of eight years and may be renewed upon expiry, is to offer clients, on an exclusive basis for the Italian market, access to an innovative platform for advanced trading based on Saxo Bank’s technology.
The agreement, which has already been approved by the Saxo Bank board, envisages the establishment of a new entity, BG SAXO Sim, with a standalone Board of Directors consisting of seven members and requiring a qualified majority for all of the company's strategic decisions. It will also have a steering committee, with guidance functions, composed by the two partners’ CEOs, CFOs and COOs.
Banca Generali will make available to the partnership its banking platform and its leading market position in private banking to foster synergies and develop new opportunities for its financial advisors and clients, who will thus enjoy access to one of the most comprehensive suites of global trading tools. The technology will be implemented within Banca Generali's home banking platform, thus ensuring a seamless experience for its end clients.
BG SAXO Sim has an innovative business model, primarily targeted to financial advisors and their clients (B2B2C), but also to potential individual clients (B2C), as the platform is easily accessible for both professional traders and clients who prefer to carry out their operations autonomously.
Saxo Bank is globally recognized as one of the leading fintech banks in Europe and Asia, with a multi-assets platform supported by a range of digital services — not only trading but also dynamic hedging services — with a particular expertise in FX.
BG SAXO Sim is expected to start operating in the second half of the year, once the required approval, inter alia, has been obtained from the competent supervisory authorities.
Commenting on the agreement, Gian Maria Mossa, Chief Executive Officer, Banca Generali, said: “We are pleased to partner with one of the best companies in the world for digital trading services, and its outstanding, innovation-oriented management team. This partnership opens up new opportunities for our bank, which is expanding its exclusive solutions with a range of excellent digital services, and especially for our network of financial advisors and clients, to whom our private bank will be able to provide an even more extensive and distinctive range of tools which will add value and greater choice."
Kim Fournais, CEO and founder, Saxo Bank: “We are very proud to partner with Banca Generali and the cooperation is testament of how partnerships are a transformative force that can ensure a best-in-class client experience. With Saxo Bank’s unique technology stack and Banca Generali as a very strong local partner clients benefit from the best trading experience with regards to product, platform, price and service. We believe that the trading and investing industry can thrive if it leverages mutual strengths of different market participants and are fully supportive of the open banking model”
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.