The Danish investment bank Saxo Bank opened their new office premises on 10 September 2015 in Lujiazui, Shanghai – an area commonly regarded as the centre of China’s financial industry.
“The opening of these new offices in the Lujiazui area shows Saxo Bank’s strong willingness to be part of the financial reform in China and to contribute to its further development by sharing Danish experience and knowhow with its Chinese business partners and clients,“ said Consul General Nicolai Prytz in his opening speech.
Apart from the Consul General, the event was attended by a wide range of members of the Chinese press and by the top management of Saxo Bank including Kim Fournais, CEO, and Dennis Malamatinas, President International.
The new office is located in the Shanghai World Financial Centre, Lujiazui, within the Shanghai free-trade zone. Lujiazui has been developed specifically as a new financial district of Shanghai and the free-trade zone, which was established in 2013, permitting yuan convertibility and unrestricted foreign currency exchange, and a tax-free period of 10 years for the businesses in the area, writes Financemagnates.com.
In a joint statement, the broker’s co-founders and co-CEOs, Kim Fournais and Lars Seier Christensen, laid out the strategic rationale for the opening of the new office in Shanghai.
“The People’s Republic of China (PRC) will become one of the most important markets globally. With China’s initiation of the Silk Road land route and maritime equivalent … a new phase of expansion and economic development will increase demand for financial services.”
The mainland China office will be headed up by Echo Zhao, a long-time employee of Saxo Bank, beginning her career with Saxo Bank A/S in Copenhagen over a decade ago. A native of mainland China, she will report to Adam Reynolds, CEO Asia Pacific.
Sources: Danish Embassy in China, Financemagnates.com