Saxo takes stake in Aussie broker

Saxo Bank has signed a memorandum of understanding to purchase a 35% stake in Sydney-based broking house with Tricom Holdings Limited. Saxo says if the deal completes that it will facilitate its longer-term ambitions to strengthen its position in the Australian and New Zealand markets, as well as throughout the Asia Pacific region. Saxo says that the deal should include an option to purchase the rest of Tricom within three years. Tricom’s chief executive, Lance Rosenberg, and staff will remain in their present roles. The two companies have a relationship stretching back five years; Tricom is a white-label partner of Saxo and has around 2,000 clients using the SaxoTrader dealing platform. The transaction is expected to be completed early next month and will be funded from Saxo Bank’s existing cash reserves and facilities.