Saxo Bank Acquires Uruguayan Broker to Extend Footprint to Latin America
HELLERUP, Denmark, October 10, 2012 /PRNewswire/ --
Saxo Bank, the online multi-asset trading and investment specialist, announced today the acquisition of NVN Securities, Agente de Valores, an Uruguayan broker fully licensed by the Uruguayan Central Bank. Following approval by the authorities in Uruguay, the new name of the company which will serve clients throughout Latin America will be Saxo Capital Markets, Agente de Valores.
Luis Simões Pereira will head up Saxo Capital Markets, Agente de Valores. He has worked in the financial industry since 1996 and joined Saxo Bank in 2006.
NVN Securities has been a White Label client of Saxo Bank since 2006 using a branded version of Saxo Bank's multi-product platform. The White Label platform includes operational tools that give clients complete control, integrated back office and real-time risk management tools. White Labelling has grown steadily to become a major part of Saxo Bank's business and today accounts for almost half of the Bank's business.
Luis Simões Pereira said:
"We have worked with NVN Securities for many years and have been impressed with their professional and reliable operations. Teaming up with them will allow us to expand our presence in a continent where some of the most vibrant economies in the world are located. We have seen a substantial and consistent increase in trading activity by Latin American investors much of it resulting from an improving economic situation and fast development in technological infrastructure. With this acquisition, we aim at developing the business further by being closer to our clients and their needs. We will continue to extend our offering and tailor it to the Latin American investor through our state-of-the-art multi-asset platform."
Saxo Bank offers retail investors access to 20,000 financial instruments, including stocks of companies listed on over 30 global stock exchanges, 160 currency pairs, 8,300 CFDs, 1,500 ETFs and ETCs, futures and more. The instruments are available through Saxo Trader, a desktop version of the platform, the browser-based Saxo Web Trader and Saxo Mobile Trader for mobile devices.
Saxo Bank was founded in 1992 by co-CEOs Kim Fournais and Lars Seier Christensen. Saxo Bank's trading platforms have defined the company's success in the online trading space for over a decade. Since introducing the SaxoTrader in 1998, Saxo Bank has enhanced and improved its platforms to meet the evolving needs of traders and investors in a continuously changing industry. The decision to expand in the Latin American region is part of the Bank's ongoing development strategy. The Group has expanded overseas since 2006 and now has operations in 25 countries including major financial centres such as Tokyo, Singapore, Hong Kong, London, Zurich, Dubai, and Paris.
About Saxo Bank
Saxo Bank is an online trading and investment specialist, offering private investors and institutional clients a complete set of tools for their trading and investment strategies. A fully licensed and regulated European bank, Saxo Bank enables clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated multi-asset trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application. The platforms are available in over 20 languages and are white-labelled by more than 100 major financial institutions worldwide. Saxo Bank also offers professional portfolio and fund management as well as traditional banking services through Saxo Privatbank. Founded in 1992, the Saxo Bank Group is headquartered in Copenhagen with 25 local offices throughout Europe, Asia, Middle East, Latin America and Australia.
SOURCE Saxo Bank