Banca Generali S.p.A (BIT: BGN), an Italian banking arm of Generali Group and Denmark based online trading giant SAXO Bank entered into a partnership agreement to offer online trading and investment services to clients located in Italy. The announcement is a result of an understanding between both the group entered in September 2017, in which they had agreed to work together to provide solutions regarding the online trading market for the Italian market.
The Board of Directors of Banca Generali on March 9th has agreed to the final terms and regulation of the joint venture with Denmark’s SAXO Bank for an exclusive partnership for the online trading and digital services to Italian clients. The new JV, to be known as BG-SAXO Sim, will provide Italian clients with access to later’s advanced innovative trading technologies and expertise. The new JV is expected to start its operation in the second half of this year subject to approvals from competent authorities. As per the agreement, the partnership has been approved for an initial term of eight years with a provision to renew it at the end of the term.
The new entity will function independently with separate Board of Directors consisting of seven members and for every strategic decision, the company should have an absolute majority of the Board. The company will also have a steering committee by the two partners, that will include top management level personnel of both companies including their CEOs, CFOs and COOs.
BG-SAXO Sim has developed a unique business model that will primarily focus on financial advisors and their clients (B2B2C) and also potential individual clients (B2C), with an aim to make the platform easily accessible for both professional traders and clients who prefer to operate autonomously. Through this partnership, Banca Generali will give access to its banking platform, helping to create new opportunities for its clients and financial advisors.
Commenting on the partnership, Gian Maria Mossa, CEO Banca Generali, said:
“We are pleased to partner with one of the best companies in the world for digital trading services, and its outstanding, innovation-oriented management team. This partnership opens up new opportunities for our bank, which is expanding its exclusive solutions with a range of excellent digital services, and especially for our network of financial advisors and clients, to whom our private bank will be able to provide an even more extensive range of tools which will add value and greater choice.”
Kim Fournais, CEO and founder, Saxo Bank said on the partnership:
“We are very proud to partner with Banca Generali and the cooperation is a testament of how partnerships are a transformative force that can ensure a best-in-class client experience. With Saxo Bank’s unique technology stack and Banca Generali as a very strong local partner, clients benefit from the best trading experience with regards to product, platform, price and service. We believe that the trading and investing industry can thrive if it leverages mutual strengths of different market participants and are fully supportive of the open banking model.”