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 is a leading Fintech specialist and global multi-asset facilitator of capital markets products and services. Saxo enables private clients to trade more than 35,000 instruments from one single margin account.
Additionally, Saxo provides institutional clients such as banks and fintechs with Open Banking solutions from multi-asset execution, prime brokerage services to trading technology. Founded in 1992, Saxo Bank has embraced Open Banking from the beginning and is focused on helping clients and partners through win-win partnerships and product innovation.
Since launching its first online trading platform in 1998, Saxo Bank works to empower everyone to navigate their financial future by opening up access to trading and investment. The Saxo Group’s client assets total more than 45 billion euros, and the Group employs more than 2100 people in financial centres around the world including London, Singapore, Amsterdam, Shanghai, Hong Kong, Paris, Zurich, Dubai and Tokyo.For more information, please visit www.home.saxo.