The Danish online bank is expanding its business in Switzerland, agreeing to buy a client portfolio of a rival in Geneva.
Saxo Bank (Switzerland) agreed to buy the client portfolio of rival Strateo, which is the Swiss unit of French online bank Arkéa Direct Bank, according to a joint statement released on Thursday. The closing of the transaction and migration of the clients and their assets is slated for the end of the first quarter of 2021.
Saxo Bank and Strateo didn't say how much the Danish firm will pay for the French business, and the number of clients and assets were equally omitted from the statement. The deal likely includes the transfer of several ten thousand clients, according to information obtained. The consequences for the staff of Strateo, which was founded in 2009, weren't mentioned in the release.
Saxo's Focus Is on Growth
Arkéa Direct Bank said it decided to sell the Swiss business because it wanted to focus on the markets in France, Belgium, and Luxembourg. Saxo will be keen to sign on the clients of Strateo that have a long-term perspective. The firm is said to have a firm base of clients among independent wealth managers.
With the purchase of Strateo, Saxo is showing its focus on growth. After a year of high investments, the bank profited from the ups and downs on the market this year. Trading revenue increased 44 percent in the first half and commissions added a whopping 80 percent in the reporting period.
