Danish online trading platform Saxo Bank has revealed plans to expand its business in Hong Kong. The firm is partially owned by Chinese billionaire Li Shu Fu.
Saxo believes that Hong Kong is a relevant market for its business despite the current political tensions in the region.
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The firm is developing and launching products specifically for the Hong Kong market, noted Bloomberg. At the end of June, Saxo had more than $60bn in client assets.
Saxo Bank CEO Kim Fournais was quoted by the news agency as saying: “We are trying to further build our presence in Hong Kong as we speak.
“We do much, much more business in Singapore than in Hong Kong, and there’s no reason we shouldn’t do as much in Hong Kong.
“A year ago, everyone liked Hong Kong as a place to do business. Now, it’s different. But I still think Hong Kong is a highly relevant place in the world and will continue to be so.”
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By GlobalDataLi Shu Fu is the chairman of Zhejiang Geely Holding Group, which owns 51% of Saxo, while Fournais owns approximately 27.5%.
Fournais said that a majority Chinese shareholder does not impact the company.
Fournais added: “That’s not how this company is being run. Geely has never, ever tried to put any pressure on us. Myself and the team and the board, where our owners are very important, are fully aligned on our strategy.”
Saxo recorded profit in H1 2020, with a net profit of DKK529m ($84.1m) in the first six months, versus a net loss of DKK139m a year ago.
