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08/01/2008: Saxo Bank Named Best Provider Of Fx Services In Denmark In Euromoney

Saxo Bank has been recognised as the best Danish provider of FX Services for high net worth individuals by finance magazine Euromoney. The recognition comes just prior to the opening of Saxo Bank Switzerland that is intended to boost Saxo Bank’s private banking and wealth management segments.

Lars Seier Christensen, CEO of Saxo Bank and one of the two founding fathers, says that the recognition has a very special meaning for the bank. “When Kim Fournais and I founded Saxo Bank back in 1992, we wanted to challenge the establishment banks and brokers. In Denmark, some banks almost had a monopoly on Forex trading. That’s never healthy and I believe Saxo Bank helped change that. On that note, we are, of course, very proud to be recognised today as the best provider of Forex Services,” says co-CEO Lars Seier Christensen.

In recent years Forex has gained recognition by private banking clients as an asset class in its own right. This has led to higher Forex trading volumes and also more specialised Forex institutions serving the high net worth client segment. Euromoney Magazine Editor, Mr Clive Horwood, noted: “While concerns grow about the state of the global economy and the banking sector in particular, there is no doubt that global wealth continues to increase at a rapid pace. These wealthy individuals and families are spread over an increasingly diversified geographic base, and are demanding a higher quality of service from the banks and people who manage their wealth.”

Saxo Bank recently acquired Swiss Synthesis Bank in order to boost its private banking and wealth management as part of an ambitious growth strategy aimed at the year 2010. Mr Soeren Mose, an off-shore banking veteran with 15 years experience and a long time CEO of Danish Jyske Bank’s Switzerland operations, will take over as the new CEO of Saxo Bank Switzerland. Mr Thierry Thevenaz, formerly partner and deputy CEO at Synthesis Bank, will head a new trading desk servicing high net worth clients.

“One of Saxo Bank’s priorities for the coming years is to grow our private banking and wealth management segments. The acquisition of Swiss Synthesis Bank and the forthcoming opening of Saxo Bank Switzerland will support that. The Euromoney award is a great acknowledgment that we are on the right path,” Lars Seier Christensen says.

Regarded as the key survey and benchmark ranking scale in the global private banking and wealth management industry, the Euromoney Private Banking and Wealth Management Survey is now in its fifth year. The 2008 survey, which took place between September and November, generated responses from nearly 400 institutions in over 50 countries and over 1,200 private banking professionals voted for the leading banks in the industry.

The full results are available on www.euromoney.com to subscribers.