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Saxo Bank
Saxo Bank is a Danish investment bank specializing in online trading and investment. It provides access to a broad range of financial instruments, including Forex, stocks, CFDs, futures, funds, bonds, and futures spreads, through its proprietary online trading platforms SaxoInvestor and SaxoTrader.
Established in 1992 as a brokerage firm under the name Midas Fondsmæglerselskab (English: Midas Stockbroker Company) by Lars Seier Christensen and Kim Fournais, the company rebranded as Saxo Bank in 2001 upon obtaining its banking license.
Headquartered in Copenhagen, it operates through offices in financial centres such as London, Paris, Zürich, Dubai, Singapore, and Tokyo. Following the completion of J. Safra Sarasin Group's acquisition of a majority stake on 2 March 2026, Kim Fournais became chairman and Daniel Belfer became chief executive officer. As of April 2026, Saxo Holding AG, owned by Fournais Holding A/S and Bank J. Safra Sarasin AG, held 99.04% of the shares in Saxo Bank, while the remaining 0.96% were held by minority shareholders, including current and former employees of Saxo.
Lars Seier Christensen and Kim Fournais formed Midas Fondsmæglerselskab after meeting in London in the early 1990s. At the time, Christensen was a broker for Gerald Metals while Fournais worked at the now-defunct Lannung Bank. Both described their partnership as the meeting of business soulmates. The company's initial capital, as recounted by its founders, was approximately $80,000.
In the autumn of 1996, Danish businessman Karsten Ree accused Midas of misleading him into making fictitious investments through its wealth management services.
In 1997, Midas introduced its first internet-based product: a currency trading platform called MITS, which was later replaced by SaxoTrader. The company rebranded as Saxo Bank, taking its name from the Danish historian Saxo Grammaticus, to avoid confusion with an international Nigerian bank also named Mida. In 2001, Saxo Bank obtained its banking license. During this period, the company expanded its online presence and relocated to new headquarters in the Copenhagen suburb of Gentofte.
Saxo Bank began expanding its products and services in Europe in the early 2000s. In 2001, the bank launched its first white-label product in partnership with a Portuguese securities dealer. By September 2004, Saxo had introduced its first U.S. white-label product, and in 2006, it established a regional hub in Singapore.
In September 2007, Saxo Bank acquired its Swiss white-label client, Synthesis Bank. In May of the same year, it purchased the French brokerage Cambiste, later rebranded as Saxo Banque France. Following the launch of Citigroup's CitiFX Pro, an online foreign exchange trading platform developed by Saxo, in November 2008, the Bank would focus entirely on its institutional clients in the US. By 2009, the bank had opened new offices in Milan, Prague, and Dubai, bringing the total number of foreign sales offices to 13–14 by year-end, up from eight in the previous year.
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Saxo Bank
Saxo Bank is a Danish investment bank specializing in online trading and investment. It provides access to a broad range of financial instruments, including Forex, stocks, CFDs, futures, funds, bonds, and futures spreads, through its proprietary online trading platforms SaxoInvestor and SaxoTrader.
Established in 1992 as a brokerage firm under the name Midas Fondsmæglerselskab (English: Midas Stockbroker Company) by Lars Seier Christensen and Kim Fournais, the company rebranded as Saxo Bank in 2001 upon obtaining its banking license.
Headquartered in Copenhagen, it operates through offices in financial centres such as London, Paris, Zürich, Dubai, Singapore, and Tokyo. Following the completion of J. Safra Sarasin Group's acquisition of a majority stake on 2 March 2026, Kim Fournais became chairman and Daniel Belfer became chief executive officer. As of April 2026, Saxo Holding AG, owned by Fournais Holding A/S and Bank J. Safra Sarasin AG, held 99.04% of the shares in Saxo Bank, while the remaining 0.96% were held by minority shareholders, including current and former employees of Saxo.
Lars Seier Christensen and Kim Fournais formed Midas Fondsmæglerselskab after meeting in London in the early 1990s. At the time, Christensen was a broker for Gerald Metals while Fournais worked at the now-defunct Lannung Bank. Both described their partnership as the meeting of business soulmates. The company's initial capital, as recounted by its founders, was approximately $80,000.
In the autumn of 1996, Danish businessman Karsten Ree accused Midas of misleading him into making fictitious investments through its wealth management services.
In 1997, Midas introduced its first internet-based product: a currency trading platform called MITS, which was later replaced by SaxoTrader. The company rebranded as Saxo Bank, taking its name from the Danish historian Saxo Grammaticus, to avoid confusion with an international Nigerian bank also named Mida. In 2001, Saxo Bank obtained its banking license. During this period, the company expanded its online presence and relocated to new headquarters in the Copenhagen suburb of Gentofte.
Saxo Bank began expanding its products and services in Europe in the early 2000s. In 2001, the bank launched its first white-label product in partnership with a Portuguese securities dealer. By September 2004, Saxo had introduced its first U.S. white-label product, and in 2006, it established a regional hub in Singapore.
In September 2007, Saxo Bank acquired its Swiss white-label client, Synthesis Bank. In May of the same year, it purchased the French brokerage Cambiste, later rebranded as Saxo Banque France. Following the launch of Citigroup's CitiFX Pro, an online foreign exchange trading platform developed by Saxo, in November 2008, the Bank would focus entirely on its institutional clients in the US. By 2009, the bank had opened new offices in Milan, Prague, and Dubai, bringing the total number of foreign sales offices to 13–14 by year-end, up from eight in the previous year.
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