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 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.