NEWS


IBS Journal October 2017


17


Sampo and Geely groups buy in Saxo Bank shares


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hareholders of Saxo Bank Group are considering an offer from Sampo Group to take up a stake in the bank of 19.9%.


This follows the announcement in May 2017 that Geely Financials had made an offer to buy 30% of the shares of Saxo. Geely Group has offered to buy more shares and will thus become majority shareholder with a total of 51.5%.


Saxo Bank has developed a strong reputation in global financial technology


TPG Capital and SinarMas accepted the offer from Geely and Sampo Group and will sell 100% of their shares of 29.26% and 9.9% respectively. Co-founder and CEO Kim Fournais’ stake of 25.71% remains unchanged.


These transactions are pending regulatory approvals and are expected to be finalised during the next six months.


“With both Geely Group and Sampo Group as key shareholders


in Saxo Bank, we have a strong group of owners with a wish and ability to foster long term growth. With Geely we secure a strong position in core growth markets in Asia with greater China as center. Sampo Group has a long and impressive history in financial services bringing a wealth of experience and insight in the financial sector,” said Kim Fournais, Saxo Bank co-founder and chief executive officer.


“We have found Saxo Bank to be an extremely strong partner for many of Geely’s investent partners across the Greater China region. We at Geely Group believe that Saxo Bank’s technologies and product value can be effectively expanded across the Asian region, which is why we are willing to offer to buy more shares in Saxo Bank,” commented Daniel Donghui Li, chief financial officer and executive vice president of Geely Group.


“Over the past decade Saxo Bank has developed a strong


reputation in global financial and regulatory technology, which we hope to strengthen in the Asia region in the coming years.”


Saxo Bank released H1 results in August showing a 45% increase in profits compared to same period last year. Built on a consistent year-on-year increase, client collateral deposits are at almost DKK 100 billion (€13.5 billion).


BMCE Bank International extends AxiomSL contract


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MCE Bank International has extended its contract with AxiomSL, aiming to meet incoming IFRS 9 requirements. AxiomSL’s solution will integrate with the bank’s impairment model, and will “impact directly” on the general ledger.


The solution supports impact analysis between International Accounting Standard (IAS) 39 and IFRS 9, and integrates data across multiple business functions, ensuring the entire IFRS9 process “is streamlined and simplified”.


BMCE Bank International, a subsidiary of BMCE Bank of Africa, already uses the system to report statistical requirements to the Bank of England.


It also uses the platform for “a range” of calculation requirements mandated by the Capital Requirements Directive IV (CRD IV)


including Common Reporting (COREP).


“Expanding the functional coverage of our AxiomSL platform to address IFRS 9 challenges is in line with our IT strategy to enhance our solutions and work with the best providers,” said Mohammed Afrine, CEO of BMCE Bank International.


“AxiomSL’s IFRS 9 solution coverage and the platform capability to interface with both our accounting system and our impairment model was a key decision factor. AxiomSL has proven to be a reliable support and solution provider.”


Edward Royan, EMEA CEO of AxiomSL, added: “We are thrilled that BMCE International Bank has chosen to use our platform. We are committed to providing solutions that offer full transparency and allow clients to meet regulatory requirements in an efficient way.”


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