Saxo Bank has agreed to sell its subsidiary Saxo Privatbank to Alm. Brand, a Danish financial services group operating within the markets for non-life, life and pension insurance.

The deal, which is subject to regulatory approvals, is valued at nearly $60.22m.

A fully licensed retail bank with branches across Denmark, Saxo Privatbank has around 15,000 private customers along with 2,500 small and medium-sized business customers.

The transaction is expected to be completed by April this year.

Additionally, Saxo will enter into a partnership with Alm. Brand Bank to allow its clients to trade and invest in stocks, bonds, ETFs and mutual funds through its platform SaxoTraderGO.

Saxo Bank co-founder and CEO Kim Fournais said: “We have accepted an offer from Alm Brand because we believe this will create a win-win situation for both Saxo Bank, Alm. Brand and the clients of Saxo Privatbank.

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“We also announce a strong partnership allowing all clients of Alm. Brand Bank to gain access to Saxo’s trading platform and global capital markets and it is a strategic decision to grow our business via partnerships globally.

“We are confident that Alm. Brand will be a valuable partner going forward and can ensure continuous development of Saxo Privatbank.”