Saxo Bank announced that it has been officially designated as a systemically important financial institution (SIFI) by the Danish Financial Supervisory Authority (FSA).
The SIFI designation means that the financial institution plays an important role in ensuring the stability and proper functioning of the financial system but has more stringent capital requirements than conventional banks.
According to information published by Reuters, Saxo Bank is the ninth institution in Denmark to receive SIFI status.
The SIFI status underscores Saxo Bank's commitment to increasing reliability and service levels, as well as providing clients with advanced technological solutions.
"We are proud to have built Saxo Bank into a trusted institution over the past 30 years. We have achieved this by focusing on providing high-quality service to our clients and partners, and by doing so, we have been recognized by the Danish FSA as a systemically important financial institution," said Kim Fournais, CEO of Saxo Bank.
As previously reported, Saxo Bank has over one million active users and manages over $100 billion in client assets.
