Copenhagen-based broker Saxo Bank has achieved a major milestone, surpassing $116 billion (DKK 800 billion) in client assets.
This is a record-breaking feat for the Danish broker, which took 25 years to reach DKK 150 billion and then just 6 years to increase that figure five-fold, adding an additional DKK 650 billion.
Saxo Bank said this achievement shows its steady growth in client numbers and deposits, cementing its place as a top financial provider even in tough economic times. Meanwhile, the forex bank won more clients with total active accounts crossing 1.2 million for the first time in the company’s +30-year history.
Commenting on this, Kim Fournais, CEO and founder of Saxo Bank, said: “We are grateful for the trust of our clients, which has made reaching this milestone a possibility. Lowering our prices at the start of the year attracted, and keeps attracting, many new clients and assets. Additionally, our broad product range and offerings allow clients to diversify their portfolios, mitigating risks associated with market volatility, which is a key theme for our growing client base.”
Last year, the Danish Financial Supervisory Authority (FSA) designated Saxo Bank as a Systemically Important Financial Institution (SIFI), recognizing its crucial role in the financial system. This notable classification also places Saxo Bank in the league of banks, insurance companies, and other financial institutions whose potential failure poses a substantial risk of triggering a widespread financial crisis.
Widely recognized as “too big to fail,” SIFIs hold a critical position within the financial landscape, warranting heightened regulatory oversight and safeguards to ensure their stability and prevent catastrophic consequences.
Last year, S&P Global Ratings upgraded Saxo Bank’s long-term credit rating to ‘A-‘, reflecting its stronger financial profile and improved capital buffers that meet the requirements for systemically important financial institutions (SIFIs).
Saxo Bank’s average daily volume across all asset classes was upbeat during April 2024, reported at $21.9 billion per day, up from $18.1 billion the month prior.
