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Saxo Bank

Saxo Bank
Company nameSaxo Bank A/S
Company typePrivate
SloganSerious Trading. Worldwide.
IndustryFinance
Founded1992
HeadquartersCopenhagen, Denmark
Key peopleKurt K. Larsen, Chairman
Dennis Malamatinas, Vice-Chairman
Kim Fournais, Chief Executive Officer
Lars Seier Christensen, Chief Executive Officer
ProductsInvestment Banking
Revenue(+)DKK 3,338.1 Million (2010)
Net income(+)DKK 643.5 Million (2010)
Employees964 (Dec. 2010)|c industry=Finance

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Saxo Bank is an online Danish investment bank. It was founded as a brokerage firm in 1992, under the name Midas Fondsmæglerselskab, by Lars Seier Christensen, Kim Fournais and Marc Hauschildt. The name was changed to Saxo when the company obtained a banking license in 2001. Saxo offers trading through its online platform SaxoTrader in Forex, Stocks, CFDs, Futures, Funds and Bonds. Private Wealth Management services are also offered. According to Saxo, roughly two-thirds of the its activities are derived from partnerships with institutional trading partners. The company functions as an online broker with a bank license, without offering traditional banking products.

Internationally, Saxo Bank is known for its success in Internet brokerage and has received a number of awards. Domestically the bank is also known for its two founders who are often outspoken on Danish politics. Following a record income and profit in 2008, the bank's net profit ended at DKK 201 million in 2009 with 80% earned in the second half of the year.

In August 2010, the bank's half-year results revealed a net profit of 551 million DKK, which is more than any other full year results in Saxo Bank’s history. Following the half-year results, rumours emerged that part of the bank is up for sale. Following its record 2010 results, Saxo Bank holds a market value of about 20 billion DKK, according to media reports.

Since late 2010, Saxo Bank has launched several joint White Label solutions with industry giants such as Microsoft, Barclays Stockbrokers Ltd., the financial services company, and TD Waterhouse, UK's leading execution-only brokers.


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