Saxo Bank strengthens its capital base with EUR 77.5 million
Saxo Bank, the global online trading and investment specialist, has announced that it has strengthened its capital base by issuing Convertible Tier 2 Notes in exchange for EUR 46.25 million and by issuing new equity capital in the amount of EUR 31.25 million.
The Tier 2 instrument fulfils the new European capital regulations and is subject to conversion into ordinary shares if the common equity tier 1 ratio in the Saxo Bank Group and/or Saxo Bank A/S falls below 7 per cent.
Following the issues then Saxo Bank A/S and Saxo Bank Group’s regulatory capital ratio are 22.8% and 19.0% respectively while the estimated solvency need is 13.8% and 12.8% respectively.
Source: Saxo Bank