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Saxo Bank buys online broker Cambiste

28 May 2008  |  5963 views  |  0 Mouse

Danish online investment bank Saxo has acquired Cambiste, a French provider of Web-based foreign exchange trading services, for an undisclosed sum.

Cambiste was launched in April 2006 by former Calyon trader Pierre-Antoine Dusoulier to provide regulated, on-shore forex trading services in France.

Saxo Bank says the acquisition will enable it to tap into the growing appetite for forex and contracts for differences (CFDs) trading in France.

Saxo Bank director Albert Maasland told Reuters reporters the CFD market "effectively only started in France last November" and there will be "dramatic growth in this market".

Following closing of the acquisition, which is subject to regulatory approval, Cambiste will be re-branded as Saxo Banque, France. Cambiste CEO Pierre-Antoine Dusoulier will head the new unit.

The acquisition is the latest in a number of international deals reported by Saxo in recent months. In September 2007 the Danish bank acquired Swiss Synthesis Bank and earlier this month it signed a memorandum of understanding with Australian brokerage Tricom Holdings, with a view to acquiring a 35% stake in the business.

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