Copenhagen-based multi asset online broker Saxo Bank has announced that it has agreed to sell its Uruguayan subsidiary, Saxo Capital Markets Agente de Valores, to DIF Broker, a long term White Label of Saxo Bank.
The transaction has been approved by the relevant regulatory authorities and is expected to close before year end.
Saxo Bank has had a long presence in Uruguay via white label partners, but bought out its white label partner in the country NVN Securities in 2013, opening an office in the capital city of Montevideo.
DIF Broker has been a long term white label client of Saxo Bank, focusing mainly on European markets including Spain and Portugal.
So why sell?
The sale of the Uruguayan subsidiary is part of Saxo’s strategy to deepen its physical presence in selected markets whilst having a strategy of working closely with local partners in markets where the benefits of a partnership outweigh the need of a physical presence.
Clients of Saxo’s Uruguayan subsidiary will continue to be serviced by their existing relationship managers and have will retain access to the same services and products.
Kim Fournais, Saxo Bank
Commenting on the transaction, Saxo Bank CEO Kim Fournais stated:
The sale of our Uruguayan subsidiary is part of Saxo’s strategy to go deep in certain key markets ourselves and be present in other markets through strong partnerships. 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.
Paulo Pinto, COO of DIF Broker said,
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. It also allows us to fulfil our wider strategic plans to expand geographically, and further develop our client base. We are very excited about the acquisition and we look forward to offering clients an even wider set of trading and investment products and services. It is important to note that for clients only the shareholder and the name of the company will change, the agreements in place are to remain unchanged.