Saxo Bank Enter Into Agreement To Acquire E*TRADE's Nordic Business
Released
on: December 04, 2009, 12:17 pm
Author:
Saxo Bank
Industry: Financial
Saxo Bank, the specialist in online trading and investment,
has announced that it has entered into a definitive agreement to
acquire E*TRADE International's local Nordic online trading business
and online bank from E*TRADE Nordic AB, an indirect subsidiary of
US-based financial services company E*TRADE FINANCIAL Corporation. The
Nordic business includes client accounts in Denmark, Iceland, Finland,
Estonia, Latvia, Lithuania, Sweden, and Norway.
This strategic move continues Saxo Bank's steady expansion over the last few months
and further cements Saxo Bank's position in the Scandinavian marketplace.
The acquisition of one of Scandinavia's established online bank and brokerages is a
further step by Saxo Bank towards offering more saving and investment products to
investors. Following this latest acquisition, Saxo Bank will be able to offer
pension products as well as stock and margin accounts, bond offerings and, in the
future, a Funds Supermarket. Moreover, Saxo Bank's AUM will increase by more than
DKK 5.0bn and the acquisition adds an additional 50,000 active accounts.
In a joint statement, Kim Fournais and Lars Seier Christensen, Co-CEOs and
co-founders of Saxo Bank, said: "This acquisition supports our long term expansion
strategy and broadens our product offering on the SaxoTrader platform. In addition,
the expanded client base will enable us to further improve our services to both
existing and new clients through improved efficiency and scale."
Following the acquisition, E*TRADE Nordic's existing local clients will continue to
receive the same service and offering to which they have become accustomed. In
addition, E*TRADE Nordic's local clients will benefit from the additional trading
opportunities that they will find on the Saxo Bank platforms, including futures
trade. Similarly, Saxo Bank's existing and future clients will now have the opportunity
to save for their pension through Saxo Bank, as well as trade Bonds and hold margin
accounts.
Fournais and Seier Christensen added: "The acquisition of E*TRADE International's
local Nordic business will strengthen our growth opportunities and market position
in Scandinavia. In the past 10 years, E*TRADE International has become a well
regarded online trading and investment brand across Europe, the Middle East and
Asia. The combination of E*TRADE Nordic's local business and Saxo Bank's brand is
powerful and it strengthens our position in the long term investment market. Saxo
Bank is looking forward to being able to offer E*TRADE Nordic's products and
services to our client base and vice versa."
The acquisition is subject to regulatory approval and other customary closing
conditions. Terms of the deal were not disclosed. E*TRADE FINANCIAL Corporation was
advised by Fox-Pitt Kelton (now part of Macquarie Capital) on this transaction.
About Saxo Bank
Saxo Bank is an online trading and investment specialist, Forex trading, CFDs
trading, Stocks, Futures, Options and other derivatives, as well as providing portfolio management via
SaxoWebTrader and SaxoTrader, the leading online trading platforms. SaxoTrader is
available directly through Saxo Bank or through one of the Bank's global partners.
White label is a significant business area for Saxo Bank, and involves customisation
and branding of the Bank's online trading platform for other financial institutions
and brokers. Saxo Bank has more than 120 white label partners and boasts thousands
of clients in over 180 countries. Saxo Bank is headquartered in Copenhagen with
offices in Australia, China, the Czech Republic, France, Greece, Italy, Japan, the
Netherlands, Singapore, Spain, Switzerland, UK, and the United Arab Emirates.
PR Contact:
Kasper Elbjørn
Head of Group Public Relations
Saxo Bank A/S London
40 Bank Street
Canary Wharf
London
E14 5DA
UK
+45 3977 4300
uk.saxobank.com
2010
