Saxo makes first major acquisition: Synthesis Bank

So far, this has been grown organically. But this week, the bank announced its first major acquisition with the purchase of Synthesis Bank.

I went off on a bit of a jolly down to Geneva to listen to the rationale behind the deal. On the surface, the acquisition is relatively small. Saxo declined to put a precise value on it, saying that Synthesis’ former owners will now hold 6.7% of the combined company and that there was also a cash component.