The weeklyFiX digest: Saxo to get acquisitive?
Saxo Bank has had a mixed press this year, which is perhaps testament to the fact that it can no longer be considered to be a junior upstart in foreign exchange.
Some of the negative publicity seems to have generated Schadenfreude on some of the internet bulletin boards, but if the latest reports coming out of Denmark are accurate, any reports of the bank’s imminent demise are almost certain to prove premature.
The buzz is that Saxo is considering taking advantage of the downturn in bank valuations and going on a bargain hunt. Reports suggest that it is now ready to mature from being effectively an FX and securities trading platform to a bank in the sense that most of us understand. Danish daily Jyllands-Posten quoted Saxo director Henrik Vad as saying: "I can confirm that we are interested in becoming a more traditional bank with emphasis on savings and pensions. And it is true that we have talked to several different [banks] and demonstrated that Saxo Bank could be an alternative for those who may have an incentive to seek a strong partner."
Published on the weeklyFiX 28 Nov 2008