Saxo Bank announced today (Friday) that client assets on its platform have reached 800 billion Danish kroner (about 116.1 billion US dollars), a record for the Danish broker, which has more than 1.2 million clients globally.
Huge surge in customer assets
The broker was founded in 1992, and it took 25 years to exceed customer deposits of DKK 150 billion. However, in just six additional years, it has added DKK 650 billion to customer deposits, demonstrating an astronomical increase in commercial demand.
Being a Danish company, Saxo marketed its landmark achievement in Danish Krone. However, it highlighted that this achievement came from its global customer base.
“We are grateful for the trust of our customers, which has made this milestone possible,” said Kim Furness, founder and CEO of Saxo Bank. “Our price reduction at the beginning of the year attracted, and continues to attract, many new clients and assets. In addition, our wide range of products and offerings allow clients to diversify their investment portfolios, mitigating risks associated with market volatility, a key theme for our growing client base.
Global broker
Saxo Bank offers a range of financial products, including spot forex, stocks, commodities, fixed income and contracts for difference (CFDs) for several asset classes, including cryptocurrencies. Although the company made its name with its spot Forex offerings, it has recently seen a massive decline in demand for Forex while stocks hit a record high.
Meanwhile, the brokerage is reportedly considering selling its minority or majority stake at a valuation of between €1.5 billion and €2 billion. Although not officially confirmed, reports of the sale came after the company failed to complete a SPAC deal to go public.
As Finance Magnates recently reported, ownership of the broker has also changed as Danish insurance giant Sampo transferred its entire 19.8 percent stake in the broker to Mandatum. The deal was part of the merger of Sambo and Mandatum that was completed in 2023.
This article was written by Arnab Shomi at www.financemagnates.com.