Saxo Bank’s Head of Communications, Kasper Elbjørn, has confirmed to Forex Magnates’ reporters that Saxo Bank Switzerland’s senior executive team has parted ways with the firm. After seven years at the helm, the CEO Søren Mose left the firm on Tuesday alongside Chief Operating Officer (COO) Ian Keates.
Saxo Bank Switzerland’s Chief Financial Officer (CFO), Martin Beinhoff, will leave the company as soon as his replacement is appointed.
“The management of Saxo Bank Switzerland AG decided to resign following a strategic decision by the bank to move the servicing of institutional clients already contracted outside of Switzerland to London or Copenhagen,” said Mr. Elbjørn.
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The strategic change is in line with Saxo’s strategy to service institutional clients from a more centralised team who can better leverage the full resources of the Bank.
The Danish bank has yet to announce who the successors might be, with Tobias Strassle serving as interim chairman, most likely until a new management team is appointed.
With a big number of professional traders in the region, Switzerland has been a lucrative market for Saxo Bank, leading to one of the biggest acquisitions on the books of the Danish company.
The Swiss arm of Saxo Bank has been led by Søren Mose since the friendly takeover of Charles-Henri Sabet led Synthesis Bank in February 2008, after the approval of the Swiss and Danish banking authorities. Synthesis was officially renamed Saxo Bank Switzerland AG and is headquartered in Geneva with an office in Zürich.