Saxo Bank Parts With Special Purpose Acquisition Company

Saxo Bank Parts With Special Purpose Acquisition Company

Just a few weeks after the cancellation of a tendered Special Purpose Acquisition Company deal between Amsterdam and Saxo Bank, the Danish bank opened up for any interested potential IPO. The company added that it prefers NASDAQ Copenhagen as the best channel for public listing.

The Bank Chief Executive officer aired that the financial body contemplates giving its foreign investors a new platform to cash in. The platform could include an initial public offering (IPO) projected to be launched this year according to the headlines released by Fournais.

Saxo Bank’s act of deserting the SPAC deal early last month raised mixed reactions among investors. The move denoted that the existing shareholders, Finnish insurer Sampo, and Chinese automaker Geely, had to lay plans to liquidate a section of their holdings in the firm. However, an undesignated source disclosed that the Danish Bank was opting to have a private share placement instead. Fournais, however, cleared the doubts with a statement of “no concrete decision has been arrived at.”

The Termination Impact

Saxo Bank’s termination comes just a few months after the same scenario occurred between a multi-asset investment company, eToro, and FinTech Acquisition Corp. V. The termination came in July last year, two months after eToro announced its intention to list its public listing debut on NASDAQ following a presented merger that was initiated in March 2021.

Saxo Bank majorly deals with forex trading services through the provision of stakes to retail and professional traders. In its December 2022 financial figures, the Danish broker projected a 9.3% drop in the overall monthly trading volume, hitting $415.7 billion which was not anticipated.

In addition, the retail forex trading on the platform followed the same trend with a decrease of 12.2%. The percentage represents $121.3 billion for December alone, a downtrend of $138 billion from the preceding month.

In meantime, Saxo Bank appointed Mads Dorf Petersen in the Group’s Chief Financial Officer position. Earlier, Petersen was holding the position in an interim capacity following the exit of Mette Pedersen in October 2022.