Danish investment bank Saxo is acquiring French online brokerage Cambiste, its partner of more than two years, in a move designed to reinforce the group’s activities in France.

The proposed transaction reflects a strategic move by Saxo to address French online investors’ growing appetite for forex and contracts for differences and to further strengthen the bank’s ability to grow its business together with its French based partners.

The new entity will be rebranded as Saxo Banque France. Pierre-Antoine Dusoulier will continue in his present capacity as chief executive.

Mr Dusoulier said: "This transaction enables us to reinforce our ongoing activities in France by building on Saxo Bank's global expertise, strength and recognition. 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 forex 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.

Saxo Banque France will work closely with Saxo Bank’s senior executive directors, Albert Maasland and Shailendra Robin Patel.

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, with a view to acquiring a 35 per cent stake in the Sydney-based brokerage.

Saxo has 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.