Saxo Bank has reached an official partnership with Banca Generali to offer online trading and investment services to clients located in Italy.
The agreement initially specifies a duration of 8 years, with an extension option at the end of the term. The goal of the partnership is to leverage Saxo Bank’s technological prowess to promote an innovative trading platform that will allow for advanced trading capabilities.
While talks of this particular partnership had initially surfaced last September, the deal has not officially been approved by both sides.
As part of the partnership agreement, the sides will look to compose a new entity under the name BG SAXO Sim, which will also have a separate board of directors made up of seven new members.
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Both companies will also create a steering committee to help guide the new entity along its path from inception. The committee will include the two companies’ top brass, including their respective CEOs, CFOs, and COOs.
Through the partnership, Banca Generali will provide access to its banking platform, thereby creating new opportunities for its clients and financial advisors. The implementation of Saxo Bank’s technology into Banca Generali’s banking platform will create an enhanced an advanced trading experience for the Italian bank’s clients.
Commenting on the partnership, the CEO and founder of Saxo Bank, Kim Fournais, said: “We are very proud to partner with Banca Generali and the cooperation is testament of how partnerships are a transformative force that can ensure a best-in-class client experience. With Saxo Bank’s unique technology stack and Banca Generali as a very strong local partner, clients benefit from the best trading experience with regards to product, platform, price and service. We believe that the trading and investing industry can thrive if it leverages mutual strengths of different market participants and are fully supportive of the open banking model.”
The agreement has already been approved by the board of both Banca Generali and Saxo Bank, and will now await the approval of regulatory authorities in order to proceed with the agenda. It is currently estimated that the entity will officially begin operations in the second half of the year.
Gian Maria Mossa, Chief Executive Officer of Banca Generali, commented: “We are pleased to partner with one of the best companies in the world for digital trading services, and its outstanding, innovation-oriented management team. This partnership opens up new opportunities for our bank, which is expanding its exclusive solutions with a range of excellent digital services, and especially for our network of financial advisors and clients, to whom our private bank will be able to provide an even more extensive range of tools which will add value and greater choice.”
Saxo Bank, which has long been a strong player in the FX space, has had groundbreaking performance. Following a strong showing in revenues for FY 2017, Saxo Bank posted a record high for monthly trading volumes during February of this year, netting $612.1 billion across multiple asset classes.