Francesc Riverola,
Saxo Bank to buy E-Trade’s Nordic business
COPENHAGEN, Dec 3 (Reuters) - Privately held Danish bank Saxo has agreed to buy the local Nordic trading business of U.S.-based online bank and brokerage E-Trade for an undisclosed sum to broaden its product offering and expand its client base.
The acquisition will boost Saxo Bank’s assets under management by 5 billion Danish crowns ($1.02 billion) and add 50,000 active accounts, Saxo said in a statement.
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Looks like ET may be getting out of international.
This only leaves UK,Germany and HK presence which no doubt news will be released before the end of this year. ET presence will be only in the US. Interesting why the purchase price is undisclosed. When ET sold its other interests the price has been known since it had a direct (positive) impact on the balance sheet, Obviously the monies paid for Nordic do not have a major impact on the balance sheet.