Saxo Bank Restructures Client Services Globally

Saxo Bank restructures its services strategy, announcing a change by informing partners it will cease onboarding clients from multiple countries starting July 1, 2024. This decision reflects Saxo’s risk management approach and aims to streamline operations while ensuring compliance with regulatory standards.

Saxo Bank emphasized transparency with partners, regardless of their prior business in the affected markets. The countries from which Saxo will no longer accept direct clients include Albania, Argentina, Aruba, Bahrain, and a comprehensive list of others spanning continents from South America to Asia-Pacific.

Conversely, Saxo Bank will continue supporting client onboarding in countries such as Australia, Austria, Belgium, and other European nations, contingent upon licensing and local regulatory requirements. The bank stated that this restructuring will allow it to focus resources on markets that align closely with its strategic objectives, ensuring the delivery of high-quality services and innovative solutions.

Saxo Bank Restructures Client Services Globally

While existing clients from unsupported regions will not face immediate impacts, Saxo Bank plans to conclude all client relationships in these areas by the year’s end. The bank is legally obligated to inform affected clients directly as part of the offboarding process. Earlier in June 2024, Saxo had indicated it was evaluating strategic opportunities in its Asia-Pacific operations, suggesting potential adjustments to its regional footprint shortly.

This move by Saxo Bank underscores its commitment to regulatory compliance, risk management, and operational efficiency. It reflects broader industry trends where financial institutions recalibrate their global presence to optimize performance and align with evolving regulatory landscapes. Partners and clients alike are encouraged to stay informed about further developments as Saxo Bank continues to refine its service offerings and geographic focus in the coming months.

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