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”
At Saxo we believe that when you invest, you unlock a new curiosity for the world around you. As a provider of multi-asset trading and investment solutions, Saxo’s purpose is to Get Curious People Invested in the World. We are committed to enabling our clients to make more of their money. Saxo was founded in Copenhagen, Denmark in 1992 with a clear vision: to make the global financial markets accessible for more people. In 1998, Saxo launched one of the first online trading platforms in Europe, providing professional-grade tools and easy access to global financial markets for anyone who wanted to invest.
Today, Saxo is an international award-winning investment firm for investors and traders who are serious about making more of their money. As a well-capitalised and profitable Fintech, Saxo is a fully licensed bank under the supervision of the Danish FSA, holding broker and banking licenses in multiple jurisdictions. As one of the earliest fintechs in the world, Saxo continues to invest heavily into our technology. Saxo’s clients and partners enjoy broad access to global capital markets across asset classes on our industry-leading platforms. Our open banking technology also powers more than 200 financial institutions as partners by boosting the investment experience they can offer their clients. Keeping our headquarters in Copenhagen, Saxo has more than 2,500 professionals in financial centres around the world including London, Singapore, Amsterdam, Hong Kong, Zurich, Dubai and Tokyo.
For more information, please visit: www.home.saxo