Saxo Bank Announces sale of Saxo Privatbank and new strategic partnership
Today Saxo Bank announces the sale of subsidiary Saxo Privatbank, a fully licensed retail bank with branches across Denmark, to Alm. Brand, a Danish financial services group operating within non-life insurance, banking and life and pension insurance.
Saxo Bank has decided to accept an offer from Alm. Brand and will sell all activities in Saxo Privatbank pending regulatory approvals. Simultaneously Saxo will enter into a partnership with Alm. Brand Bank enabling the clients to trade and invest in stocks, bonds, ETFs and mutual funds through Saxo’s award winning platform SaxoTraderGO.
Commenting on the sale and partnership, Kim Fournais, Co-Founder & CEO, Saxo Bank A/S said: ”We have accepted an offer from Alm Brand because we believe this will create a win-win situation for both Saxo Bank, Alm. Brand and the clients of Saxo Privatbank. We also announce a strong partnership allowing all clients of Alm. Brand Bank to gain access to Saxo’s trading platform and global capital markets and it is a strategic decision to grow our business via partnerships globally. We are confident that Alm. Brand will be a valuable partner going forward and can ensure continuous development of Saxo Privatbank.”
Please see stock exchange release from Alm. Brand here: https://www.almbrand.dk/abdk/OmAlmBrand/Investor/Selskabsmeddelelser/index.htm
Please see press release in Danish here: https://www.almbrand.dk/abdk/OmAlmBrand/Presse/index.htm#/pressreleases/alm-brand-koeber-saxo-privatbank-2403721
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.