Danish investment company Saxo Bank has opened a newly expanded office in China, following regulatory approvals to sell controlling stake in the company.
Located in Shanghai, this marks another milestone of Saxo’s business expansion in Greater China this year. In March, the bank announced the expansion and relocation of its Hong Kong office.
Echo Zhao, country head of China at Saxo Bank said the Shanghai office will facilitate connect programs that allow international investors to access Chinese capital markets.
‘Several prominent financial institutions leverage Saxo Bank’s fintech and regtech infrastructure. We’re significantly expanding our operations in order to support our long-term growth plans in Greater China,’ he said.
Last week, Saxo received final approvals to enable China’s Zhejiang Geely Holding Group and Sampo plc of Finland to buy 52% and 19% stake, respectively, in the company.
The deal also means that TPG Capital, Lars Seier Christensen and SinarMas will sell their interests in Saxo amounting to 29.26%, 25.71% and 9.9 %, respectively
Specializing in multi-asset trading, Saxo enables clients to trade multiple asset classes across global financial markets from one single margin account and across multiple devices.
In April, the firm launched a new platform – SaxoTraderPRO – which allows users to trade 35,000 financial instruments and generate performance overviews.
A few months later in June, Saxo added China A-shares to its online trading platform in Singapore, as well launched a mutual funds platform for clients in Europe.
Saxo currently works with banks, brokers, fund managers, money managers and private banks in Singapore, Hong Kong and Australia.