From its headquarters in Gentofte, Denmark, Saxo Bank continues to post solid growth in earnings and overall business during first half of 2006. The bank reported profits before tax of 123 million DKK compared with 73 million DKK during the corresponding period in 2005. Total client deposits also increased by 37 pct. compared to the value of client deposits placed with the bank at the end of the same period in the previous year.
“The overall earnings and financial performance of the bank is in line with expectations. The broader capital markets environment continues to present exciting and competitive challenges for us, so we are particularly pleased that so many retail and institutional clients continue to choose Saxo Bank as their preferred bank for online investment trading,” said co-CEOs Lars Seier Christensen and Kim Fournais in an official statement.
Establishing an Office in Singapore
Boosted by its increased earnings, Saxo Bank will continue with the deployment of its global expansion and business development plan throughout the rest of 2006, reports the news-site Prime Zone. Following the successful launch of its first branch office in London in June 2006, the bank is continuing with its plans to launch an Asian subsidiary, the so-called Saxo Capital Markets Ltd., which will be based in Singapore. This operation is expected to be set up in this year’s third quarter.
With these global expansions, Saxo Bank expects the overall number of employees to increase to more than 800 professionals by the end of 2006.
