Paris - Saxo Bank, the Online Investment Bank, Will Join Forces With its Partner of More Than Two Years, Cambiste, a French Online Brokerage, in a Move Designed to Reinforce the Group's Activities in France.
The proposed transaction between Danish investment bank, Saxo Bank A/S ("Saxo") and Cambiste would, upon completion, reflect a strategic move by Saxo to address sophisticated French online investors' growing appetite for Forex and Contracts for Differences (CFDs) and to further strengthen the bank's ability to grow its business together with its French based partners.
The transaction is subject to regulatory approval and will result in a 100 percent holding. The new entity will be rebranded as Saxo Banque, France. Pierre-Antoine Dusoulier will continue in his present capacity as CEO, helping to further develop and grow Saxo Bank's business in France.
"This transaction enables us to reinforce our ongoing activities in France by building on Saxo Bank's global expertise, strength and recognition," said Mr. Dusoulier. "The online investment industry is growing at a rapid pace and this deal will give our clients and partners a clear advantage."
In his view, the existing FX services will be further supplemented with similar professional financial services for CFDs, International Equities and Futures via the same multi-asset investment trading platform that clients are already accustomed to.
"With the added benefit of Saxo Bank's larger organisation, its status as an investment bank and its commitment to innovation, our clients and partners will receive much better service and benefit from a more competitive offering," said Mr. Dusoulier.
Saxo Banque, France will work closely with Saxo Bank's senior executive directors, Albert Maasland and Shailendra Robin Patel, as well as other key Saxo Bank personnel already engaged with the French markets.
Since April 2006, Cambiste has based its online platform on Saxo's award winning online platform, SaxoTrader. Saxo Bank Co-CEOs Kim Fournais and Lars Seier Christensen emphasised that the proposed acquisition would build on the existing strength of the banks' relationship.
"We look forward to working even closer with Mr. Dusoulier and his employees to capitalise on the synergies that will arise from this enhanced partnership. French investors and institutions demand only the best products, prices and services and we can deliver on that even better as one entity," Fournais and Seier Christensen said in a statement.
They believe the deal would strengthen Saxo's business model in France. "This acquisition will bring us much closer to our French clients and partners, meaning we will be even better placed to accommodate them and service their needs as we expand our business in France," they said.
The proposed acquisition follows Saxo Bank's acquisition of Swiss Synthesis Bank in September 2007 and earlier this month, a Memorandum of Understanding signed with Tricom Holdings Limited, with a view to acquiring a 35 percent stake in the Sydney based brokerage. In November 2007, Citi, the leading US financial services company, chose Saxo Bank as its global partner for its online FX offering, CitiFX Pro, based on the SaxoTrader platform. Saxo runs offices in Copenhagen, London, Geneva, Zurich, Singapore, Beijing, Marbella and an IT development centre in St. Petersburg.
The Cambiste transaction is expected to be completed in 2008 and will be funded from Saxo Bank's existing cash reserves and facilities.