On February 5, 2017, Alm. Brand Bank announced that it would acquire the majority of Saxo Privatbank’s activities.
Alm. Brand Bank A/S (“Alm”) acquired the majority of Saxo Privatbank A/S’ (“Saxo”) activities for the acquisition price of DKK 360 million with equity from the Alm Brand Group. The transaction was completed on April 1, 2018 with the approval from the Danish Competition and Consumer Authority and the Danish Financial Supervisory Authority.
Alm, based in Denmark, is a nation-wide private bank that offers various financial services, including trading activities, leasing, insurance, pension and other banking services. Alm has approximately DKK 40 billion in assets under management and custody account balances.
Saxo, based in Denmark and founded in 2010, is a wholly-owned subsidiary of Saxo Bank A/S that engages in retail banking services, including deposits and lending. Saxo has over DKK 20 billion in assets under management and custody account balances.
To read the press release: please click here.