Denmark banking group Saxo Bank announced this week it has acquired BinckBank, a bank for online investors that is based in the Netherlands. According to the duo, the acquisition of BinckBank marks an important milestone for the Saxo Bank Group that now services approximately 860,000 clients and holds approximately €46 billion in client assets.
“By gaining scale and reducing cost and complexity, the Group can continue its ambitious investments in the digital client experience and expand its product offering, delivering more relevant and intuitive platforms and services. Clients and partners will significantly benefit from being serviced by a much larger Group with enhanced resources and capabilities for innovation and development.”
Speaking about the acquisition, Kim Fournais, CEO and founder of Saxo Bank, stated:
“We are very pleased to have completed the acquisition of BinckBank with strong shareholder support and regulatory approvals. The acquisition is a win-win for all parties, clients, employees, shareholders and the societies we operate in. By joining forces, we have what it takes to become the leading global provider of state-of-the-art multi-asset trading and investment solutions – truly democratising trading and investment. The investment and trading industry is undergoing a major transformation facing new regulation, rising expectations for better digital client experience, ongoing margin compression and a great need for multiasset trading capabilities. These trends call for scale, and the successful acquisition of BinckBank is a quantum leap forward in terms of creating scale which is crucial for our long-term success.”
Vincent Germyns, CEO of BinckBank, added:
“Today represents an important milestone towards BinckBank’s twentieth anniversary. Strong support from both shareholders and regulators shows that we made the right decision to join forces. BinckBank and Saxo Bank are working closely together on the way forward since the announcement of the takeover bid in December 2018. Our starting point was and remains the achievement of optimum customer benefits.”