Holy Ghost increases Saxo stake
Okay, so something got lost in the translation, but Portugal’s Espirito Santo Financial Group (ESFG) has increased its share holding in Saxo Bank from 2.5% to 5%. In total, ESFG, with its subsidiary Banco Espirito Santo, now owns around 10% of Saxo. At the same time, Saxo is acquiring 25% of Banco Best, the online subsidiary of ESFG and Banco Espirito Santo. The transactions follow an initial agreement signed in January 2008.