Saxo Bank has decided to phase out some of its direct operations in certain areas, namely within Eastern Europe. The Danish multi-asset brokerage has made some changes to the geographical footprint in Greece, Russia and Poland, with the services to existing and new clients from the areas remaining fully operational but delivered via other Saxo Bank locations. The company has closed its offices in Moscow, Athens and Warsaw as part of a strategic shift.
Many clients of the company are already serviced from the company’s global operating hubs and the changes will not result in a different customer experience or interaction with Saxo Bank. Clients will continue to be serviced in the client’s own language from a hub with an extensive expertise. Saxo Bank emphasizes reducing complexity and leveraging technology as essential in providing clients with the products and services they need.
Speaking to Finance Magnates, the CEO of the company, Kim Fournais said, “We are a digital business and we work with partnerships, so there are certain geographies where we think that it is better for us to work with white labels. Therefore we have decided to consolidate some of our services into fewer locations because we want to give more room to partners.”
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“We don’t want to spread our resources too thinly. In some cases, a partner company can do better. We want to focus either on directly targeting clients or via white label partnerships,” Mr Fournais added.
The Danish multi-asset brokerage is making a strategic shift that is opening the door for the company to give more room to white labels in certain areas that are not the core focus of the company at this point in time.
“If the biggest financial institution in a given area asks us if we would like to engage in a partnership deal, Saxo Bank would always consider whether this will be the right opportunity for us, rather than targeting the market ourselves. That is very much part of our strategy and that is the more dynamic approach that we are taking with regards to our operations,” Fournais explained.
Finance Magnates has conducted an extensive interview with the CEO of Saxo Bank, Kim Fournais, and the long version of it will be published on the website tomorrow.