Saxo Bank say it expects to invest upwards of DKr209 million (€28 million) in capital into failing Danish savings bank Brørup Sparekasse in attempt to break into the retail banking sector.
Brørup Sparekasse has a chain of branches throughout Denmark but ran into difficulty in 2009 when poor speculation on unlisted securities caused reported losses of DKr74 million.
The plan is for Brørup Sparekasse to become a joint-stock company, with Saxo owning 90% of the stock and former guarantors taking the other 10%.
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