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November 1, 2009

Saxo Bank Aquires 40% Stake In Initto

The acquisition is expected to allow the bank to continue to support and speed up the development of its trading systems

By CBR Staff Writer

Saxo Bank has acquired a 40% stake in Initto, the Denmark-based software and IT services provider. The acquisition of Initto is expected to enable Saxo Bank to continue to support and speed up the development of its trading systems.

Mikael Munck, CEO of Initto, said: We offer access to a wide range of international specialists that focus entirely on delivering high quality solutions to our clients, allowing them to focus on core competencies, freeing up time for innovation and value creation. This is the secret of our success which we are certain Saxo Bank also will benefit from.

In a joint statement, Kim Fournais and Lars Seier Christensen, co-CEOs and co-founders of Saxo Bank, said: The acquisition is in line with our ambition to acquire fully developed businesses and utilize their expertise to develop and strengthen Saxo Bank’s products and services. Over the next few years, we will be working with Initto to further increase the value we offer to our own clients.

Saxo Bank is a global investment bank specialising in online trading and investment across the international financial markets.

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