Saxo Bank, the global investment bank specializing in online trading and investment, 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.
Following this latest acquisition, Saxo Bank will be able to offer pension products as well as stock and margin accounts and bonds. 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.
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.”
“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.”
However, the acquisition is subject to regulatory approval and other customary closing conditions.
