Today, the online trading and investment specialist, Saxo Bank, announced that it will establish a regional office in the Dubai International Financial Centre (DIFC).
The new office is designed to further strengthen the bank's presence in the region and marks the first time that a Danish bank has established its presence in the Gulf Corporation Council region.
Copenhagen-based online specialist, Saxo Bank announced today that it has received regulatory approval to operate a regional office in the Dubai International Financial Centre (DIFC) under the supervision of the DFSA.
Co-CEO and co-founder Lars Seier Christensen said: "We have been increasingly impressed by the entrepreneurial spirit and the will to succeed in the Middle East. If you can build a ski resort in the middle of the desert, you can do anything. Dubai remains one of the most important global financial centres and the GCC region will have an important role to play when this current financial crisis is over. Depending on market conditions we intend to use our new office as the first step towards establishing similar presence in other GCC countries."
H.E., Dr. Omar Bin Sulaiman, Governor of the DIFC said: "Saxo Bank is a pioneer in its industry and the first Danish bank to establish a presence here. As a globally recognised financial institution, providing state-of-the-art online investment trading services, we are delighted to welcome them to DIFC. There is a huge demand for the services they provide investors and the Middle East will benefit from their presence here."
Saxo Bank specialises in bringing experience in the world's financial markets in a highly professional, intuitive and cost effective manner to individual as well as institutional investors through its award winning, online investment trading platform. The bank has established a growing reputation and industry wide recognition for being the leading service provider for online investment trading and wealth management services through one, unique and easy to use facility for FX, CFDs, Stocks, Commodities, Futures, Options, other Derivatives, Fixed Income and Structured Products.
Shailendra Robin Patel, CEO for Saxo Bank (Dubai) Limited said: "Even though most of our business is conducted online, Saxo Bank takes great pride in the high level of personal service and support we offer our clients and partners on the ground. Our DIFC office will enable us to bring our products and services closer to our clients and partners in support of our objectives to continue growing our business throughout the region".
2008 was another record year in terms of income and profit for Saxo Bank. Operating income ended at EUR 338 million, an increase of 61% year-on-year. Reaching EUR 85 million in 2008, EBITDA grew 43% over 2007 while net profit increased 23% to EUR 45.5 million.