Do not invest more money than you can afford to lose.
Saxo Bank, a Danish bank specialized in providing online trading services, said on Thursday it has agreed to sell Saxo Capital Markets Agente de Valores, its Uruguayan subsidiary, to DIF Broker, a long-term white-label partner of the bank. The deal is expected to be finalized by the end of the year.
The acquisition has already received the green light from the relevant regulatory bodies and is subject to customary closing conditions.
The ownership change will not affect clients of the Uruguayan broker. They will continue to be serviced by their existing relationship managers and have access to the same services and products as usual.
“Having provided white labelling services to DIF Broker for more than 15 years, we know they are well suited to continue the distribution of our services and technology in these markets, and we are confident that clients will continue to experience the same well-known service and expertise,” Saxo Bank CEO Kim Fournais said.
Saxo Bank’s decision to sell its subsidiary is part of its agenda to put an accent on selected markets and to delegate operations to trusted partners in other markets where “the benefits of a partnership outweigh the need of a physical presence”.
“The agreement we reached with Saxo Bank allows us to deepen our long standing partnership and commitment to the distribution of their technology and the development of new products around it,” said Paulo Pinto, COO of DIF Broker. “It also allows us to fulfill our wider strategic plans to expand geographically, and further develop our client base.”
DIF Broker, set up in 1999 in Portugal, is an online provider of direct access trading. It is registered with the relevant authorities in Portugal, Spain, the UK, the Netherlands, Poland, France and Germany.
