Saxo Bank Due Diligence
Run due diligence on Saxo Bank: check compliance and get alerts when suppliers change.
Denmark · www.home.saxo · 12 vendors
Saxo Bank is a Danish investment bank specializing in online trading and investment. It provides access to a broad range of financial instruments, including Forex, stocks, CFDs, futures, funds, and bonds, through its proprietary online trading platforms. The company serves both retail and institutional clients globally.
Resilience scores
- Digital Sovereignty: 0
- Digital Resilience: 8
- Financial Resilience: 8
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Services catalogue
2 services in catalogue across 2 categories; runs on 12 sub-vendors.
- Custody services
- Trading infrastructure
Insights
Last updated 2026-09-13 · revision 2
12 direct vendors, 138 subvendors
Direct vendors by controlling owner country (sample)
- Netherlands: 1
- Denmark: 1
- Canada: 1
Subvendors by controlling owner country (sample)
- Italy: 1
- Japan: 4
- Sweden: 4
Compliance
12 in-scope frameworks identified; showing 3.
CRR3 — Evidence found
Evidence: https://www.home.saxo/legal/saxo-bank-licenses/saxo-bank-license-details, https://www.home.saxo/-/media/documents/investor-relations/sp-report-saxo-bank-20251009.pdf, https://www.home.saxo/-/media/documents/regional/dk/institutspecifik-oversigt-saxo-bank-2026.pdf
ISAE 3000 (source) — No public evidence
Evidence: https://www.home.saxo/legal/compliance/saxo-compliance, https://www.home.saxo/legal/saxo-bank-licenses/saxo-bank-license-details, https://www.home.saxo/about-us/sustainability
DORA (source) — No public evidence
Evidence: https://www.home.saxo/legal/saxo-bank-licenses/saxo-bank-license-details, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022R2554, https://www.finanstilsynet.dk/
Financials
Three-year financials
- 2025: revenue DKK 4,957M, EBIT DKK 987M, equity DKK 6,253M
- 2024: revenue DKK 4,670M, EBIT DKK 1,322M, equity DKK 6,254M
- 2023: revenue DKK 4,481M, EBIT DKK 502M, equity DKK 6,366M
Financial Resilience Score: 8/10
Saxo Bank demonstrates strong financial resilience as a well-capitalised, investment-grade Danish SIFI with an S&P A- (stable) rating. The bank maintains a very robust total capital ratio of 24.8% in 2025, well above CRD IV regulatory minimums, though this has declined from 31.8% in 2023 due to balance-sheet growth and capital distributions. Client assets have grown approximately 70% over three years (from DKK 584bn in 2022 to DKK 995bn in 2025), demonstrating strong operational leverage with essentially flat headcount. Revenue has grown steadily at a mid-single-digit pace (2021-2025 CAGR ~2.3%), with a strong profitability recovery in 2024 (EBIT +163%) though 2025 saw a partial normalization (-25%). The diversified revenue model spans commissions, spreads across 71,000+ instruments, and net interest income on EUR 115bn+ in client assets, plus a sticky institutional B2B channel serving 150+ partner banks and 285+ financial intermediaries. Stable, concentrated ownership (Fournais Holding + J. Safra Sarasin at 99.04%) provides long-term strategic direction. Key risks include earnings volatility tied to market activity (evidenced by the 2023 profit halving and 2024 rebound), CFD/leverage exposure with 63-64% of retail CFD accounts losing money, interest-rate sensitivity as falling rates compress NII tailwinds, and intense fee competition from zero-commission brokers. The declining capital ratio trend warrants monitoring.
Key strengths: S&P A- (stable) investment-grade rating affirmed March 2026, Danish SIFI designation (June 2023) signaling supervisory confidence, Very strong total capital ratio of 24.8% in 2025, Client assets grew ~70% over three years to DKK 995bn, Diversified multi-asset revenue across 71,000+ instruments, Institutional B2B channel with 150+ partner banks and 285+ intermediaries, Stable concentrated ownership (Fournais + J. Safra Sarasin at 99.04%), Strong 2024 profitability recovery with ROE of 15.9%
Risk factors: Earnings volatility tied to market trading activity and retail engagement, CFD/leverage exposure with 63-64% of retail CFD accounts losing money, Interest-rate sensitivity as falling rates compress NII tailwinds, Intense fee competition from zero-commission brokers (Trade Republic, Revolut, DEGIRO, IBKR), Total capital ratio has fallen ~7pp over two years (31.8% to 24.8%), Multi-jurisdictional regulatory complexity, Equity declining modestly while assets grow, Reputational/regulatory risk from CFD product line under ESMA rules
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