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  • Writer's pictureMagdalena Gołębiewska

Saxo Bank completes acquisition of BinckBank

Saxo Bank has completed the acquisition of BinckBank, which marks an important milestone for the Saxo Bank Group that now services approximately 860,000 clients and holds approximately €46 billion in client assets.

Both banks will now start working on integration of the two companies to share technology infrastructure and add additional products and services.

Commenting on this significant milestone, Kim Fournais, CEO and founder of Saxo Bank, says:

” The acquisition is a win-win for all parties, clients, employees, shareholders and the societies we operate in. By joining forces, we have what it takes to become a provider of state-of-the-art multi-asset trading and investment solutions – truly democratising trading and investment.”

Fournais is pleased to welcome the employees of BinckBank in the Saxo Group and promises to have exciting times ahead for both banks.

Vincent Germyns, CEO of BinckBank comments:

“Today represents an important milestone towards BinckBank’s twentieth anniversary. BinckBank and Saxo Bank are working closely together on the way forward since the announcement of the takeover bid in December 2018.”

As of the settlement, which has taken place today, Saxo Bank holds shares representing approximately 95.14% of the aggregate issued and outstanding share capital of BinckBank on a fully diluted basis.

The BinckBank shares which were not yet tendered on 31 July 2019 can be tendered during the post-closing acceptance period, which started on 1 August 2019 and will end at 17:40 (CET) on 14 August 2019.

Both banks intend to procure the delisting of the BinckBank shares on Euronext Amsterdam as soon as possible. Saxo Bank intends to initiate the statutory buy-out procedure in an expeditious manner. Reference is made to the joint press release dated 31 July 2019 as published by BinckBank and Saxo Bank.

As of settlement, the changes to the composition of the supervisory board of BinckBank, as approved by the general meeting of BinckBank on 23 April 2019, have become effective. The supervisory board of BinckBank is now composed of: Mr. J.W.T. van der Steen (Chairman), Mr. J.G. Princen, Mr. S. Kyhl, Mr. S. Blaafalk and Mr. F. Reisbøl.

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