The Copenhagen-headquartered multi-asset trading and investment bank operates in the UAE under a representative office licence issued by the Central bank of the UAE.
Tuesday 20, August 2019 BY MUZORIWA KUDAKWASHE
Saxo Bank has completed the acquisition of BinckBank, a merger that will see Saxo Bank Group serving around 860,000 clients and holding EUR 46 billion in client assets.
In a statement, Saxo Bank said that by gaining scale and reducing cost as well as complexity, the Group can continue its ambitious investments in the digital client experience and expand its product offering, delivering more relevant and intuitive platforms and services.
The two lenders expect to commence working on the integration of the two firms to share technology infrastructure and add additional products and services to offer an optimal SaxoExperience.
Kim Fournais, the CEO and founder of Saxo Bank, said, “The investment and trading industry is undergoing a major transformation facing new regulation, rising expectations for better digital client experience, ongoing margin compression and a great need for multi-asset trading capabilities.”
Following the tie-up, Saxo Bank Group now holds a stake representing around 95.14 per cent of the aggregate issued and outstanding share capital of BinckBank on a fully diluted basis.
Additionally, Saxo Bank Group intends to procure the delisting of the BinckBank shares on Euronext Amsterdam and initiate the statutory buy-out procedure as soon as possible.