Saxo Bank

Overview

Saxo Bank is a Danish investment bank specialising in online trading and investment. It provides access to financial instruments, including Forex, stocks, CFDs, futures, funds, bonds and futures spreads through its SaxoInvestor and SaxoTrader platforms. The company was established in 1992 by Lars Seier Christensen and Kim Fournais as the brokerage firm Midas Fondsmæglerselskab (English: Midas Stockbroker Company). It was renamed Saxo Bank in 2001 after receiving a banking licence. Headquartered in Copenhagen, Saxo Bank has offices in financial centres including London, Paris, Zürich, Dubai, Singapore, and Tokyo. On 2 March 2026, J. Safra Sarasin Group completed its acquisition of approximately 71% of Saxo Bank, while co-founder Kim Fournais retained approximately 28%. On 6 July 2026, J. Safra Sarasin agreed to acquire Fournais's remaining 28.7% stake in Saxo Holding AG, subject to regulatory approval.

1990s: Midas Fondsmæglerselskab

Lars Seier Christensen and Kim Fournais formed Midas Fondsmæglerselskab after meeting in London in the early 1990s. Christensen was then a broker for Gerald Metals, while Fournais worked at the now-defunct Lannung Bank. The founders later described their partnership as the meeting of business soulmates. The company's initial capital was approximately $80,000. In the autumn of 1996, Danish businessman Karsten Ree accused Midas of misleading him into making fictitious investments through its wealth management services.

2000s

In 1997, Midas introduced its first internet-based product, a currency trading platform called MITS, which was later replaced by SaxoTrader. The company rebranded as Saxo Bank, taking its name from the Danish historian Saxo Grammaticus, to avoid confusion with an international Nigerian bank also named Mida. In 2001, Saxo Bank obtained a banking licence. During this period, the company expanded its online business and moved to new headquarters in the Copenhagen suburb of Gentofte. Saxo Bank began expanding its products and services in Europe in the early 2000s. In 2001, the bank launched its first white-label product in partnership with a Portuguese securities dealer. By September 2004, Saxo had introduced its first U.S. white-label product, and in 2006, it established a regional hub in Singapore. In September 2007, Saxo Bank acquired its Swiss white-label client Synthesis Bank. In May of the same year, it purchased the French brokerage Cambiste, later renamed Saxo Banque France. In November 2008, Citigroup launched CitiFX Pro, an online foreign exchange trading platform developed by Saxo. Saxo later focused its U.S. business on institutional clients. By 2009, the bank had opened new offices in Milan, Prague, and Dubai, bringing the number of foreign sales offices to 13-14 by year-end, up from eight in the previous year. The bank also expanded through acquisitions and asset management. In 2009, it acquired Sirius Kapitalforvaltning and purchased the full share capital of Capital Four Management Fondsmaeglerselskab A/S, along with a 51% stake in Global Evolution Fondsmaeglerselskab A/S.

2010s

In March 2010, Saxo Bank launched a new equity trading platform, enabling trades in over 11,000 stocks and other products listed on 23 major exchanges worldwide. By July 2010, Saxo Bank reported that net profit had risen from DKK 41 million ($7 million) to DKK 551 million ($95 million). During the same six-month period, the bank completed ten acquisitions and opened new IT development centres in India and Ukraine. The growth was partly attributed to a large increase in trading turnover by Saxo Bank's largest partner, Citi. Saxo's half-year report described the first six months of 2010 as the most profitable period in its history. In 2010, Saxo Bank launched an online platform with Barclays Stockbrokers. Branded as "International Trader," it offered access to more than 9,000 equities across 21 major global exchanges in 13 markets, along with securities research. The platform was marketed in the UK, including to Barclays' existing client base. In May 2011, Saxo Bank announced a partnership with TD Waterhouse to provide an online derivatives trading platform for retail investors.

On 17 September 2010, Saxo Bank announced a DKK 59 million investment in Brørup Sparekasse, a small Danish savings bank established in 1897 with seven branches. After the investment, the bank was renamed Saxo Privatbank and began offering core banking services in Denmark. Brørup Sparekasse had faced financial difficulties in 2008 and 2009, mainly because of failed investments in unlisted bonds, and reported a pre-tax loss of DKK 74 million in 2009. Saxo Bank also committed to provide at least DKK 150 million in additional capital, contingent on the successful conversion of Brørup Sparekasse into a joint-stock company. Saxo Bank became the majority shareholder, holding 98.6% of the shares in the restructured institution. Saxo Privatbank operated branches in several Danish cities, including Brørup, Esbjerg, Fredericia, Hellerup, Kolding, Odense, Vejle and Århus. In April 2018, Alm. Brand Bank acquired Saxo Privatbank for DKK 360 million (~$60 million). In January 2014, Saxo Bank introduced a beta version of a revised TradingFloor.com, changing the community portal into a multi-asset social trading platform where users could share information, tips and strategies. According to the bank's founders, the platform was intended to make financial trading more accessible and serve users who did not want direct interaction with bank representatives. In May 2015, Saxo Bank launched SaxoTraderGO, a new multi-asset trading platform. In September 2015, Saxo Bank introduced OpenAPI, granting partners, clients, and external developers access to the bank's trading infrastructure for customisation purposes. As of mid-2015, the platform featured over 30,000 financial products. In early 2016, Saxo Bank launched SaxoSelect, a digital investment service that included portfolios built around iShares ETFs in cooperation with BlackRock, targeting long-term investors and managed based on BlackRock's research. Saxo Bank also introduced Trading Strategies, a copy trading service that provided access to strategies managed by selected investors. Saxo has since ceased this service. In 2017, Saxo operated in 18 countries, employed 1,600 people, and reported an operating revenue of DKK 2.9 billion ($457.46 million) in 2016. On 2 October 2017, the Chinese carmaker Geely announced plans to increase its stake in Saxo Bank to 51.5% if the deal were approved by regulators. Sampo Group was to acquire a 19.9% stake, while Kim Fournais, Saxo Bank's CEO, would retain 25.7%. The sellers included Sinar Mas and TPG. The deal was completed in September 2018.

2020s

After abandoning a 2022 attempt to go public through a special purpose acquisition company (SPAC) at a targeted valuation of around €2 billion, Saxo later stated that a public listing was no longer an immediate priority, citing unfavourable market conditions. On 4 July 2023, the Danish Financial Supervisory Authority (FSA) instructed Saxo to liquidate its cryptocurrency holdings, stating that holding these assets on the bank's own account exceeded the legal scope for Danish financial institutions. The FSA did not specify a timeline. A Saxo spokesperson said the company would review the regulator's requirements and respond accordingly. In February 2023, Saxo Singapore signed a strategic partnership with Guotai Junan Securities, a major Chinese bank. In November 2023, it announced a strategic partnership with HSBC. In 2023, Saxo reported reaching 1 million clients globally. The bank reported its first semi-annual loss in several years during the second half of 2023, and its 2023 net profit declined by 8.1%. In April 2024, S&P Global Ratings assigned Saxo Bank an A− rating. In July 2024, Saxo hired Goldman Sachs as a financial adviser to seek buyers for the shares held by Geely (just under 50%) and Mandatum (under 20%). By late October 2024, Altor Equity Partners, Centerbridge Partners, and Interactive Brokers had reportedly expressed interest and submitted preliminary bids. Saxo reported a 43% increase in its client base in 2024 and introduced a simplified platform together with the AutoInvest ETF investment feature. At the same time, trading activity weakened. Monthly trading volumes fell to US$371.6 billion in June 2024, down 4% from the previous month, and core FX volumes reached a multi-year low of US$78.1 billion. In September 2024, Saxo announced the closure of its Hong Kong and Shanghai offices, citing geopolitical factors. The bank disclosed US$4.3 million in losses for its Hong Kong operations in 2023 and began off-boarding local clients and partners. In February 2025, the bank agreed to sell an 80.1% stake in its Saxo Australia subsidiary to Johannesburg-based fintech firm DMA, retaining a 19.9% stake. In March 2025, Saxo's shareholders Geely and Mandatum agreed to sell a 70% stake in the bank to Switzerland's J. Safra Sarasin Group for approximately €1.1 billion, valuing Saxo Bank at around €1.6 billion. The Australian transaction was completed, and Saxo Australia was renamed Totality on 11 August 2025. The J. Safra Sarasin transaction was completed on 2 March 2026. Following completion, Kim Fournais stepped down as CEO and became chairman of the board, while Daniel Belfer became chief executive officer of Saxo Bank. In July 2026, J. Safra Sarasin agreed to acquire Fournais's remaining stake in Saxo Holding AG. The transaction remained subject to regulatory approval. In August 2026, S&P Global Ratings revised its outlook on Saxo Bank to positive from stable and affirmed its A− long-term issuer credit rating.

Ownership

Saxo Bank A/S is a privately owned company. Between 2018 and 2 March 2026, the largest shareholder of Saxo Bank A/S was Geely Financials Denmark A/S, a subsidiary of Chinese Zhejiang Geely Holding Group Co., Ltd. As of December 2024, Geely held 49.88% of the shares, Saxo Bank founder and CEO Kim Fournais held 28.41%, and Mandatum, a Nordic financial services group formerly part of Sampo Group, held 19.83%. The remaining 1.88% of shares were held by minority shareholders, including current and former employees. In March 2025, J. Safra Sarasin Group, a Swiss private banking institution, announced an agreement to acquire a 70% stake in Saxo Bank by purchasing shares from Geely Financials Denmark A/S and Mandatum Group. Founder and CEO Kim Fournais retained his stake in the company. The transaction was completed on 2 March 2026 after regulatory approval from the Swiss Financial Market Supervisory Authority and the Danish Financial Supervisory Authority. As of April 2026, Saxo Holding AG, owned by Fournais Holding A/S and Bank J. Safra Sarasin AG, held 99.04% of the shares in Saxo Bank, while the remaining 0.96% were held by minority shareholders, including current and former Saxo employees. Upon completion, Kim Fournais became chairman and Daniel Belfer became chief executive officer. On 6 July 2026, J. Safra Sarasin agreed to acquire Fournais's remaining 28.7% stake in Saxo Holding AG. Upon completion, J. Safra Sarasin would become the sole owner of Saxo Holding AG, while Fournais would remain chairman of Saxo Bank.

Business model

Saxo Bank serves retail and institutional clients. Its online platforms provide access to financial instruments including Forex, stocks, CFDs, futures, funds, bonds and futures spreads. By 2015, more than 120 financial institutions worldwide were using Saxo Bank's platforms under white-label agreements. These partners include institutions such as Standard Bank, Old Mutual Wealth, Banco Carregosa, and Banco Best, as well as regional entities including Sparekassen Vendsyssel, Sparekassen Thy, Middelfart Sparekasse, Frøs Sparekasse, and Jutlander Bank. In April 2026, Saxo reported that it had 1.523 million clients and client assets of DKK 995 billion at the end of 2025.

Corporate headquarters and architecture

Saxo Bank is headquartered in Tuborg Havn on the northern outskirts of Copenhagen. The building, which received an RIBA International Award, was designed by the Danish architecture firm 3XN. It was completed four years after 3XN won an international competition in 2004. The façade is covered in diagonal white aluminium and blue glass patterns. In June 2010, the Danish business newspaper Borsen named the Saxo headquarters the "Kingdom's finest domicile." Other Saxo Bank offices are located in the Czech Republic, Dubai, France, Italy, Japan, Netherlands, Singapore, Switzerland, and the United Kingdom.

Sponsorships

In mid-June 2008, Riis Cycling A/S announced that Saxo Bank had entered a three-year contract as title sponsor with immediate effect, and the team entered the 2008 Tour de France as Team CSC Saxo Bank. Carlos Sastre won the Tour, and the team took the team classification. In 2009 and 2010, Andy Schleck finished the Tour in second place. On 3 August 2010, Lars Seier Christensen and Bjarne Riis announced that Saxo Bank had extended its sponsorship of Riis Cycling for another year, and that Tour winner Alberto Contador had signed with the team with the aim of winning all three Grand Tours in one year. In 2013, Tinkoff Bank joined Saxo Bank as title sponsor. Following Bjarne Riis' sale of the team to Oleg Tinkov, Saxo Bank ended its sponsorship after the 2016 season. In January 2014, Saxo Bank announced that it had become a sponsor of the Lotus F1 team for the 2014 season. The bank said it would use the team's name in its marketing and host clients at Formula One races as part of the sponsorship. Saxo Bank distributed copies of a Danish translation of Ayn Rand's novel Atlas Shrugged to employees and clients. It also provided financial support to the political party Ny Alliance, later renamed the Liberal Alliance. Co-CEO Lars Seier Christensen later joined the party. Saxo Bank ended its regular contributions after the 2015 parliamentary election.

2008 Wikipedia whitewashing

In 2008, Saxo Bank admitted censoring its own Wikipedia article through an anonymous user to remove information it claimed was inaccurate. When confronted by the media, the bank acknowledged the action, stating that a "slightly more elegant solution" should have been pursued.

2010 allegations of misconduct

In July 2010, the Danish watchdog Danish FSA released a series of reports citing allegations that Saxo Bank had failed to adequately protect investor interests. These reports were based on complaints from former clients and led to an investigation into the bank's anti-money laundering protocols. The investigation followed negative media coverage in Danish newspapers including Dagbladet Børsen and EPN, which published allegations by former employees and clients. One accusation came in May 2010 from a Lebanese investor, who claimed his company had lost DKK 20 million in four months because of unstable pricing and system interruptions on SaxoTrader. Saxo Bank denied the allegations and said SaxoTrader had maintained 100% uptime. Earlier, in April 2010, a Portuguese financial institution accused Saxo Bank of manipulating stock and currency prices and alleged a loss of €10 million. In response, the FSA commissioned an independent investigation into whether Saxo Bank's manual and electronic trading practices followed its stated policies, including its Best Execution Policy. The investigation was carried out by international consulting firm Oliver Wyman and reportedly cost Saxo Bank millions. The findings were published on 29 November 2010. The Oliver Wyman report concluded that Saxo Bank had not systematically mispriced manual orders or violated its trading policies. It also found no evidence of systematic unfair treatment of clients. The FSA decided not to pursue further action against Saxo Bank. In June 2010, Saxo Bank filed lawsuits against two former clients, accusing them of making false allegations. Following the Oliver Wyman review, media reports described Saxo as having been cleared of market-manipulation allegations. The Danish newspaper Berlingske Tidende characterised the controversy as a bitter conflict involving the bank's founders, former employees and dissatisfied clients, possibly rooted in personal grievances or financial disputes.

2011 DFSA Censure

On 20 March 2011, the Dubai Financial Services Authority (DFSA) issued a formal censure against Saxo Bank Dubai Limited (SBDL) for failures in its client onboarding and anti-money-laundering systems and controls.