Saxo Bank has completed the acquisition of BinckBank, a Netherlands headquartered online trading service provider, in a deal worth 424 Million Euros (US$ 472 Million). With the milestone acquisition, Saxo Bank Group services now approximately 860,000 clients and holds approximately EUR 46 billion in client assets.
The Danish bank had recently obtained the green light from Dutch and Pan-European financial regulatory authorities , allowing them to go forward with the deal and to appoint new members to the supervisory board and related changes in co-policymakers at BinckBank.
The acquisition was aimed at increasing the scale of operations and market share of Saxo Bank in the European market. Saxo Bank and BinckBank will now start working on the integration of the two companies to share technology infrastructure and add additional products and services to offer an optimal SaxoExperience.
Kim Fournais, CEO and founder of Saxo Bank, commented: “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 democratizing 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 multi-asset 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. We are pleased to welcome the talented employees of BinckBank in the Saxo Group and we will together work relentlessly to offer clients a market leading client experience. Today is the first page of a new promising chapter and together we have
exciting times ahead.“
Vincent Germyns, CEO of BinckBank, said: “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. Now it is full steam ahead in delivering the ultimate digital customer experience in order to continuously help them in realising their financial ambitions. Thanks to Saxo Bank we can further expand our product range and offer more intuitive platforms in the future. That is how our customers will benefit from Saxo Bank’s leading position in trading and investment technology and services. Finally, I would like to thank our shareholders, customers, employees and of course Saxo Bank for their trust.”
Saxo Bank now holds shares representing approximately 95.14% of the aggregate issued and outstanding share capital of BinckBank on a fully diluted basis. The Dutch bank is expected to be delisted from Euronext Amsterdam as soon as possible.