Reports
Saxo Bank Salutes Business Milestone

While geopolitical uncertainties have rattled some investors and voters, they have been a boon for trading platforms.
Saxo Bank, the
online trading and wealth management house, said it has reached a
record high for client collateral deposits, highlighting rising
turnover fuelled in part by geopolitical upheavals in recent
months.
Deposits now exceed DKR100 billion (around $15 billion), the
Copenhagen-headquartered firm, which recently announced that a
Chinese conglomerate had become a 25.7 per cent owner of the
business, said in a statement.
Trading activity - and hence demand for collateral
- has been brisk with market volatility of recent months
amid the Brexit, Trump and French political issues helping to
drive demand, it said. On 9 November, 2016, a day after the US
election, total client trades on that day reached a record level
of 490,000, Saxo said.
Client collateral deposits nearly doubled from 2013, when they
stood at a total of DKK50.6 billion, the organisation said.
As of the last set of financial results, operating income for the
Group in 2016 was DKK2.9 billion, rising from DKK 2.1 billion in
2015. Net profit was DKK302 million for 2016.
As reported earlier in May (see here), Saxo Bank became a
portfolio company of Geely Internatiional Hong Kong, a subsidiary
of Zhejiang Geely Holding Group Co. Geely is the owner of Swedish
carmaker Volvo and the maker of London's iconic black cabs.
Co-founder of Saxo Lars Seier Christensen agreed to sell his
25.71 per cent stake in the Denmark-headquartered bank to Geely,
pending regulatory approvals. Christensen served as co-chief
executive until year-end 2015. Financial terms of that
transaction weren’t disclosed.
In December last year, agreed on a partnership with Chinese fintech firm Phoenix Finance, allowing the latter to integrate Saxo’s capabilities straight into its own system.