Danish bank Saxo has opened an office in Marbella in southern Spain as a sales gateway for private clients in Spain. It will be headed by Kurt Carlsson, a 14-year Saxo veteran and long-time director of the bank's private client group. He said that a branch office in Spain had long been a strategic objective, owing to the large number of Scandinavian and other expatriates in the Costa del Sol and the rest of Spain. "We have a large concentration of private clients in Spain, where the investment culture is geared toward active, sophisticated clients and their demand for innovative, self-directed, multi-product investment solutions. We've been keen from the outset to provide greater support to these clients." The Marbella office will also provide a showcase for the bank’s Private Wealth Management concept, which will be “significantly expanded” in 2007.