Leading Portuguese Bank Becomes Investor in Saxo Bank

In a deal that gives the Portuguese group the option to expand its share to ten percent within five months, it could become the third biggest shareholder of the privately-held Saxo Bank along with the two founders and joint CEOs, Kim Fournais and Lars Seier Christensen, and General Atlantic, the American private equity fund. Following the completion of the transaction, Saxo Bank will be ranked as the fourth largest Danish bank by market cap.

Valuing Saxo Bank’s market valuation at Euros 1,26 billion, the transaction is being welcomed by both banks as a strategic move that will not only strengthen their well established partnership, but will create new opportunities for growth and expansion. With a ten percent ownership held by both entities, BES Group and ESFG will be jointly entitled to designate a member of Saxo Bank’s Board of Directors.

BES Group is the majority shareholder of Banco Best, a white label partner of Saxo Bank since 2006. Last year, Banco Best was ranked as the best consumer Internet Bank in Portugal. “With Saxo Bank’s well established record as a leading and innovative player in the global online investment industry, we see huge potential in the international market place by combining our forces through this investment,” says Ricardo Salgado, the president of BES Group.

According to Ricardo Salgado, expanding the already well established partnership between BES Group, through Banco Best, and Saxo Bank into a broader, more expansive cooperation across products and markets will open a string of mutually profitable opportunities for both businesses at home and overseas. “Our equity investment in Saxo Bank is an endorsement of the value and intrinsic strength of our partnership. Having worked so closely with Saxo Bank as we have, we could not have wished for a better partner or a more promising investment in this area," says Ricardo Salgado.

In a joint statement, Kim Fournais and Lars Seier Christensen pointed out the strategic nature and significance of the investment. “We are very pleased to welcome BES Group and ESFG as major shareholders that will help up with strengthening and expanding of our core business. We know the bank’s management and personnel very well and have learned to appreciate them as highly professional and knowledgeable operators both in the domestic and international market places. We firmly believe that the experience and acumen they bring to the table will help us to consolidate and expand our global operation and bring our products and services to new markets.”

Together, BES Group and Saxo Bank will explore their strategic opportunities for closer cooperation in overseas markets like Brazil, Africa and Macao.

In the all-cash transaction all existing shareholders will be offered to participate proportionally in the sale of the initial five percent to BES Group and ESFG and a further five percent if these entities subsequently exercise their option within the following 5 months.

BES owns 66 percent of Banco Best. Group Portugal Telecom, the biggest telecom corporation in Portugal, owns the remaining 34 percent. Lisbon-based Banco Best was founded in 2001 and offers a wide range of Asset Management products and services (more than 1500 mutual funds from 37 international asset managers) a broad range of Trading products ( REIT’s, ETFs, ADRs, 2 Warrants platforms and the Best Trading Pro – Saxo powered service). Banco Best holds Portugal’s largest market share, 27 percent, in foreign mutual funds and another 27 percent market share in derivatives trading on-line. Last year assets under management rose 43 percent and surpassed Euro 1.1 billion.

Media inquiries

Paulo Padrao, Head of Corporate Communications, Banco Espirito Santo + 351 21 883 92 52

Kasper Elbjørn, Senior Manager, Corporate Communications, Saxo Bank: +45 3065 4300

Fleming Voetmann, Senior Manager, Corporate Communications, Saxo Bank: +45 5159 5036

About Saxo Bank A/S

Saxo Bank A/S is a modern investment bank specializing in online investments in international Capital Markets. Saxo Bank enables clients to trade currencies, shares, CFDs, futures, options and other derivatives, as well as providing portfolio management via our online trading platform, SaxoTrader. SaxoTrader has been developed by Saxo Bank and is available to today's investor directly through Saxo Bank or through one of our global partnerships, where it forms an integral part of their infrastructure. One of Saxo Bank's significant areas of business is White Labelling. This involves the bank’s online trading platform being customized and branded for other financial institutions and brokers. Saxo Bank has more than 100 White Label Partners and boasts thousands of clients in over 177 countries. The bank's website www.saxobank.com receives approximately 65,000 visitors every day. Saxo Bank currently employs almost 1,200 employees from 58 different countries.

Saxo Bank has its headquarters in Copenhagen, with offices in London, Geneva, Zürich, Singapore and Marbella. It also runs a representative office in Beijing and an IT development centre in St. Petersburg.