Danish online investment bank Saxo has agreed to buy the Nordic business of E*Trade. Financial terms of the deal were not disclosed.
The definitive agreement will see Saxo acquire E*Trade International's local Nordic online trading business and bank, which includes client accounts in Denmark, Iceland, Finland, Estonia, Latvia, Lithuania, Sweden, and Norway.
Saxo says the deal broadens its product offering and client base, enabling it to offer pension products as well as stock and margin accounts, bond offerings and later, a Funds Supermarket.
The E*Trade business increases Saxo's assets under management by more than DKr5 billion and adds 50,000 new accounts.
In a statement, Kim Fournais and Lars Seier Christensen, co-founders, Saxo Bank, say: "This acquisition supports our long term expansion strategy and broadens our product offering on the SaxoTrader platform. In addition, the expanded client base will enable us to further improve our services to both existing and new clients through improved efficiency and scale."