SINGAPORE, Feb. 12, 2007 (PRIME NEWSWIRE) -- Saxo Bank, headquartered in Copenhagen, is the first foreign financial institution to receive approval by both divisions of China's central banking regulatory body to operate in China.
Saxo Bank today announced that the Bank has been granted a license by the China Banking Regulatory Commission to establish a representative office in Beijing.
Modern Danish investment bank, Saxo Bank is the first foreign financial institution to receive approval by the Commission's Banking Supervision Department and the Non-Banking Supervision Department of China's central banking regulatory body. This marks the first time that a foreign financial institution has received the unanimous joint approval of the authority's two divisions. Saxo is currently the only Danish bank with a representative office in China
The announcement comes soon after Saxo Bank significantly bolstered its presence in Asia-Pacific with the launch of its subsidiary, Saxo Capital Markets in November 2006 with a capital markets services license from the Monetary Authority of Singapore (MAS).
China is a strategic market for Saxo Bank. Its membership in the World Trade Organization augurs well for China's economic development. Its rich tradition as a centre of finance and commerce, Beijing, the political capital of China and the seat of its great historical past, represents a fitting entry point for Saxo Bank as part of its growth plans. Saxo's goal is to share its expertise in on-line foreign exchange trading with Chinese financial institutions and help them gain competitive advantage from its industry-leading trading solutions.
Responding to news of the approval, Saxo Bank co-CEO Lars Seier Christensen said: "We are delighted to have taken this important step. We believe strongly in China's potential, and consider it absolutely critical to be well positioned to participate in its amazing growth and rising importance in the global economy. We have been greatly impressed by the welcome we have received from local authorities and the banking sector -- we have encountered an open and supportive level of interest that bodes very well for the future."
"Saxo Bank is a recognized brand across a wide swath of the Chinese investor community, especially with our institutional counterparts in China. This approval opens an important door for Saxo Bank in China and lays the foundation for prudent growth," said Shailendra Robin Patel, Saxo Bank's Executive Director of Global Business Development.
Kevin Ashby, Chairman and CEO of Saxo Capital Markets Pte Ltd, Singapore said: "This is another important strategic step toward the development of the Saxo Bank brand. Our initial focus will be to form strategic alliances and partnerships with banks and financial institutions in China to promote Saxo Trader as the electronic trading platform of choice and share our global expertise with our institutional partners in China. Our goal is to help our partners to innovate and develop the process of online currency trading in China."
About the trading platform -- SaxoTrader
Using the latest in web technology, Saxo Trader is an innovative trading platform that will allow institutions in China to trade foreign currencies and gain access to global investment opportunities with easy-to-use tools. There is also the advantage gained from leading sources of independent research and the top ranked analysts of Saxo Bank.
About Saxo Bank A/S
Saxo Bank A/S is a modern investment bank specializing in online investments in the international capital markets. SaxoTrader has been internally developed by Saxo Bank and is available to today's investor directly through Saxo Bank or through one of our global partnerships as an integral part of their own infrastructure. One of Saxo Bank's significant areas of business is White Labelling, which is the development of tailored versions of the online trading platform for other banks and brokerage houses. Saxo Bank has more than 70 White Label Partners and thousands of clients in 177 countries. The bank's website www.saxobank.com has approx. 65,000 visitors every day. Saxo Bank currently employs more than 800 employees from 45 different countries. The bank is headquartered in Copenhagen, Denmark, with overseas offices in Canary Wharf, London, Singapore, Spain and an IT development centre in St. Petersburg, Russia.
Duly recognized by professionals, the Saxo Bank Group has received numerous awards: Saxo Bank was voted by readers of FX Week magazines as the 'Best Bank for FX traders' in the 2006 'Best Banks' awards, and the Bank's signature Saxo Trader platform was named Best Retail Platform at the magazine's e-FX Awards. The Bank was also named 'Best in Class' for dealer-to-client foreign exchange services and 'Best in Class' for inter-dealer options in the Euromoney Technology Poll.