Saxo Bank has restructured its operations by merging Global Sales and SXO into a new entity called Group Commercial. This measure aims to simplify operations and enhance operations. The online trading and investment specialist has promised a more cohesive and effective approach to servicing its clients.
Improving mutual cooperation
According to the press release, the merger into the business group aims to improve mutual cooperation and streamline the bank's operations. By combining global sales and SXO, Saxo Bank will create a unified structure aimed at prioritizing digital and customer-centric services. Saxo Bank recently crossed DKK 800 billion in client assets and currently serves more than 1.2 million clients.
Alongside the merger, Camilla Dahl Hansen, who served as Chief Experience Officer at Saxo, will leave the company. Saxo Bank's founder and CEO, Kim Furness, acknowledged its contribution and expressed confidence in the new leadership. Following her departure, Stig Christensen, current Sales Director, will take over as Chief Commercial Officer and lead the commercial group.
Furness said: “I would like to thank Camilla for her invaluable contributions to Saxo Bank over the past years. Her efforts have been crucial in delivering world-class trading and investment experiences to our clients. I wish her all the best in her future endeavours.” I am confident that under Stig Christensen's leadership, the commercial group will push our customer experience to new heights as we now serve more customers and partners than ever before in Saxo Bank's history.
Saxo Bank recently announced a major ownership change. Nordic insurance group Sambo has sold its 19.8% stake to Finnish asset manager Mandatum, Finance Magnates reported. The deal, worth €302 million, is part of the merger between Sampo and Mandatum that will be completed in 2023.
Saxo Bank's evolving ownership structure
Regulatory approvals for the sale were obtained on May 3, and the transaction was scheduled to close on May 13. Although Sampo offered a seller loan of €280 million, Mandatum opted for a cash settlement. This latest transaction has further diversified Saxo Bank's ownership.
Currently, Chinese automaker Geely holds a controlling stake of 50 percent, while Kim Furness, co-founder and CEO of Saxo Bank, maintains a 28 percent stake. The change follows Saxo Bank's strategic sale of its stake in regulatory technology platform Saxo Fintech to Geely Holding Group last year.
Lars Seier Christensen, co-founder and former co-CEO of Saxo Bank, sold his stake in the brokerage in 2017. He then founded Seier Capital, an investment arm with several high-profile ventures, including co-ownership of FC Copenhagen, a Danish soccer team. . Amid these ownership changes, Saxo Bank is considering selling additional stakes, with potential valuations ranging from €1.5 billion to €2 billion. Previously, the brokerage explored going public through a SPAC deal.
This article was written by Jared Kirroy at www.financemagnates.com.