Danish multi-asset brokerage Saxo Bank has signed an agreement with a local white label to sell its Uruguayan assets, the company has announced. The name of the buyer is DIF Broker, a company that is currently a white label partner of the Danish brokerage.
Saxo Bank’s Uruguayan subsidiary, named Saxo Capital Markets Agente de Valores, has already been approved by local regulatory authorities. DIF Broker has been a long-running partner if Saxo Bank in the region. The deal is expected to close by the end of the year.
Saxo Bank is continuing its effort to focus on its core assets and leave the coverage of more localized markets to local companies via white label partnerships. Clients of Saxo Capital Markets Agente de Valores will continue to be served by the same staff and will retain access to the same variety of products.
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Commenting on the deal, the CEO of Saxo Bank Kim Fournais, stated: “The sale of our Uruguayan subsidiary is part of Saxo’s strategy to go deep in certain key markets ourselves and be present in other markets through strong partnerships.”
“Having provided white labelling services to DIF Broker for more than 15 years, we know they are well suited to continue the distribution of our services and technology in these markets, and we are confident that clients will continue to experience the same well-known service and expertise,” he elaborated.
Earlier this year, Saxo Bank closed its offices in Athens, Moscow and Warsaw in a move that is consistent with the company’s strategy to focus on core markets and local partnerships via white label agreements.
The COO of DIF Broker, Paulo Pinto, added: “The agreement we reached with Saxo Bank allows us to deepen our long standing partnership and commitment to the distribution of their technology and the development of new products around it. It also allows us to fulfil our wider strategic plans to expand geographically, and further develop our client base.”