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Saxo Bank sells Privatbank to Alm for USD60 million

2018-02-05 17:15    LeapRate

Copenhagen based multi asset broker Saxo Bank announced 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 informed that it 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 platform SaxoTraderGO.

Saxo Bank sells Privatbank to Alm for USD60 million Company News
Kim Fournais, Saxo Bank

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.

Saxo

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