Copenhagen-based Saxo Bank has sold its Australian business to South Africa’s DMA. The deal gives DMA an 80.1% stake. Saxo Bank will retain 19.9% equity in the business. The transaction is set to close in the second half of 2025.
DMA provides software solutions for institutional investors and financial advisers. The acquisition will help DMA expand its services in Australia. Saxo Australia will continue to operate under its current name during a transition period. The company will also retain its staff, led by CEO Adam Smith.
Saxo Bank’s Strategic Move
Saxo Bank had hired Goldman Sachs to explore a sale of the company. The bank was also reviewing its APAC operations. The sale of Saxo Australia marks a major shift in the retail FX and CFDs sector.
Last week, Czech firm FTMO acquired OANDA, a well-known FX and CFDs broker. Social trading leader eToro also announced plans to launch an IPO valued at $5 billion.
Saxo Bank CEO Kim Fournais said, “With this agreement with DMA, Saxo Bank leverages its core strength—providing a scalable and multi-asset trading infrastructure with our award-winning platforms.”
He added, “We couldn’t be more pleased to partner with DMA as we seek to capitalise on the huge opportunity in the Australian market and fully leverage this win-win solution to get more curious people invested in Australia.”
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DMA’s Vision for Australia
DMA plans to introduce its software-as-a-service (SaaS) solution to Australia. The platform will connect financial advisers and asset managers with global markets. It will integrate clearing, settlement, execution, and custody services in one system.
DMA CEO Richard North said, “We believe DMA’s platform offering will bring tangible benefits to Australian financial advisers and wealth managers, while the business will continue to focus on delivering high-touch, high-quality service for self-directed retail clients.”
“It’ll be the best of Saxo and the best of DMA—and we think that adds up to the marketplace’s best choice for investors across the entire lifecycle,” he added.
Saxo Australia CEO Adam Smith assured clients that the transition will be smooth. “The clients of Saxo Australia will notice no disruption in service, product range, or platform access,” he said. “We are very pleased to partner up with DMA and believe that this will be a game changer for Australian clients.”
DMA’s platform currently serves over 160 wealth managers and adviser networks across Africa, Europe, and the UK. The company aims to bring its expertise to Australia and enhance financial services in the region.