Strategy
SaxoBank Signs Deal With Italian Banking Group, Hires China CEO

The Danish fintech firm has also hired a new CEO for its Greater China operation.
SaxoBank, the fintech
specialist focused on multi-asset trading and investment, and
Italian wealth management firm Banco Generali have signed an
agreement to offer the bank’s clients a range of digital and
global trading services.
The Danish fintech firm has also hired a new chief
executive of Greater China, it said in a statement.
Partnership
The partnership will see the formation of a new joint entity,
Bg-Saxo Sim, which will provide Italian clients with access to
Saxo's technology and expertise.
The new firm will have a standalone board of directors consisting
of seven members, which will be responsible for the company's
strategic decisions. It will also have a steering committee.
Bg-Saxo Sim has a business model targeted to financial advisors
and their clients, but also to potential individual clients.
The technology will be implemented within Banca Generali's
banking platform, in a bid to ensure a seamless experience for
its end clients.
“This partnership opens up new opportunities for our bank, which
is expanding its exclusive solutions with a range of excellent
digital services, and especially for our network of financial
advisors and clients, to whom our private bank will be able to
provide an even more extensive range of tools which will add
value and greater choice,” said Gian Maria Mossa, CEO at Banca
Generali.
Kim Fournais, CEO and founder of Saxo Bank, added: “With Saxo
Bank’s unique technology stack and Banca Generali as a very
strong local partner, clients benefit from the best trading
experience with regards to product, platform, price and service.
We believe that the trading and investing industry can thrive if
it leverages mutual strengths of different market participants
and are fully supportive of the open banking model.”
Banco Generali manages €55.7 billion ($68.5 billion), as at 31
December, for more than 250,000 customers through a network of
about 1,970 professionals across Italy.
China Hire
SaxoBank has
appointed Vivienne Yu as chief executive of Greater China. Yu
will join Saxo Bank on 15 March and will be based in Saxo
Bank’s office in Hong Kong. This is a newly-created position.
As CEO of Greater China, Yu will be responsible for expanding
Saxo Bank’s services and growth in the Greater China region,
including offices in Hong Kong and Shanghai.
Additionally, she will manage and develop relationships with key
stakeholders and partners in China and Hong Kong.
Yu most recently served as CEO China at Commonwealth Bank of
Australia, where she led CBA China’s investment and proprietary
banking business for the retail, SME and institutional client
base. Prior to this, she spent four years at Bank of Hangzhou
(listed on Shanghai Stock Exchange) as a CEO for both retail and
business banking.
“Vivienne has an excellent track record with senior positions in
the financial industry in China and Australia,” said Fournais..
“With Vivienne’s knowledge and experience, we are confident that
she is the person to lead Saxo Bank’s business in China to new
heights and in line with our high ambitions for the region.”
Founded in 1992 and headquartered in Copenhagen, Saxo employs
more than 1500 people in financial centres around the world
including London, Singapore, Paris, Zurich, Dubai and
Tokyo.
In October, WBA
reported that financial services organisation Sampo Group has
offered to take a 19.9 per cent stake in Copenhagen-listed
SaxoBank.