The Danish fintech firm has also hired a new CEO for its Greater China operation.

SaxoBank, the fintech specialist focused on multi-asset trading and investment, and Italian wealth management firm Banco Generali have signed an agreement to offer the bank’s clients a range of digital and global trading services.

The Danish fintech firm has also hired a new chief executive of Greater China, it said in a statement.

Partnership
The partnership will see the formation of a new joint entity, Bg-Saxo Sim, which will provide Italian clients with access to Saxo's technology and expertise.

The new firm will have a standalone board of directors consisting of seven members, which will be responsible for the company's strategic decisions. It will also have a steering committee.

Bg-Saxo Sim has a business model targeted to financial advisors and their clients, but also to potential individual clients.

The technology will be implemented within Banca Generali's banking platform, in a bid to ensure a seamless experience for its end clients.

“This partnership opens up new opportunities for our bank, which is expanding its exclusive solutions with a range of excellent digital services, and especially for our network of financial advisors and clients, to whom our private bank will be able to provide an even more extensive range of tools which will add value and greater choice,” said Gian Maria Mossa, CEO at Banca Generali.

Kim Fournais, CEO and founder of Saxo Bank, added: “With Saxo Bank’s unique technology stack and Banca Generali as a very strong local partner, clients benefit from the best trading experience with regards to product, platform, price and service. We believe that the trading and investing industry can thrive if it leverages mutual strengths of different market participants and are fully supportive of the open banking model.”

Banco Generali manages €55.7 billion ($68.5 billion), as at 31 December, for more than 250,000 customers through a network of about 1,970 professionals across Italy.

China Hire
SaxoBank has appointed Vivienne Yu as chief executive of Greater China. Yu will join Saxo Bank on 15 March and will be based in Saxo Bank’s office in Hong Kong. This is a newly-created position.

As CEO of Greater China, Yu will be responsible for expanding Saxo Bank’s services and growth in the Greater China region, including offices in Hong Kong and Shanghai.

Additionally, she will manage and develop relationships with key stakeholders and partners in China and Hong Kong. 

Yu most recently served as CEO China at Commonwealth Bank of Australia, where she led CBA China’s investment and proprietary banking business for the retail, SME and institutional client base. Prior to this, she spent four years at Bank of Hangzhou (listed on Shanghai Stock Exchange) as a CEO for both retail and business banking.

“Vivienne has an excellent track record with senior positions in the financial industry in China and Australia,” said Fournais.. “With Vivienne’s knowledge and experience, we are confident that she is the person to lead Saxo Bank’s business in China to new heights and in line with our high ambitions for the region.”

Founded in 1992 and headquartered in Copenhagen, Saxo employs more than 1500 people in  financial centres around the world including London, Singapore, Paris, Zurich, Dubai and Tokyo. 

In October, WBA reported that financial services organisation Sampo Group has offered to take a 19.9 per cent stake in Copenhagen-listed SaxoBank.