The two banks aim to sign the main agreements regulating the partnership by 31 December 2017

The two banks aim to sign the main agreements regulating the partnership by 31 December 2017

Italy’s Banca Generali and Denmark-based Saxo Bank will establish an exclusive partnership to offer online trading and digital services.

The objective is to offer clients, for the Italian market, access to a platform for trading, based on Saxo’ technology and managed by a newly established “SIM” owned by Banca Generali and Saxo. (SIM is an Italian acronym for società di intermediazione di borsa – i.e. stock brokerage company.)

The new platform will “enhance” the offering available to Banca Generali financial advisors, allowing access to “tailor-made operations” for hedging that can be offered to private and corporate clients.

The two banks aim to sign the main agreements regulating the partnership by 31 December 2017.

Banca Generali manages €52.1 billion (at 30 June 2017) for more than 250,000 customers. It was founded in 2000, and is a subsidiary of Assicurazioni Generali, the largest insurance company in Italy.

Saxo was founded in 1992 and is headquartered in Copenhagen. It employs more than 1,500 people in financial centres around the world including London, Singapore, Paris, Zurich, Dubai and Tokyo.

Back in May, Saxo released its new developer portal as it looks to strengthen its involvement in open banking. The portal provides technical documentation, reference guides, sample code and interactive tools. With the release, Saxo has made its trading infrastructure available to third-party developers, fintechs, vendors and partners, enabling them to connect to its trading engine.

Last year, Chris Truce, director of platform development at Saxo Bank, discussed how mid-tier banks are no longer doomed to be extinct because the arrival of open application programming interfaces (APIs) will enable them not just to survive but to prosper.

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