Saxo Bank joins the Danish Sector Fund
Gentofte (Denmark) - The management of Saxo Bank has decided to join the Danish Sector Fund (Det Private Beredskab). As such Saxo Bank will be encompassed in the two-year guarantee for all deposits with and unsecured claims against Danish financial institutions, provided by the Danish government. The guarantee, which is managed by the Sector Fund, runs for two years, and may be prolonged if required to maintain financial stability.
Saxo Bank has had favorable growth in 2008 with market fluctuations in August and September positively affecting the bank's earnings.
Saxo Bank is an investment bank and not dependent on a loan financing business, an advantage in these turbulent times. In order to trade with Saxo Bank, clients are required to have a minimum of USD 10,000 in funds, and the bank does not offer traditional loans to its clients. Saxo Bank's assets predominantly comprise deposits in central banks, short-term bonds and other securities.