FNG Exclusive… It didn’t take long for the dominos to start falling at Saxo Bank.
Just one day after control of Saxo Bank was acquired by Safra Group’s Swiss private banking arm J. Safra Sarasin Group, FNG has learned that Richard Balarkas, the longtime Chairman of Saxo Bank’s FCA regulated UK arm Saxo Capital Markets UK Limited, has resigned his position with the company.
Richard Balarkas was a longtime Credit Suisse banker serving as Global Head of AES Sales and as Global Head of Electronic Trading, before becoming CEO of Instinet Europe in 2008, a position he held until 2012. Since 2015 he has served as Chairman of Saxo Bank UK, and he has also sat on the boards of SquareBook, Cboe Europe, and Global Commodities Holdings.
Last year Saxo UK hired InvestCloud executive Andrew Bresler as CEO.
While Saxo Bank, which has its global headquarters in Copenhagen, will continue to be managed by longtime CEO Kim Fournais – who holds a 28% stake in the company – we expect more management and strategic changes at the company to emerge in the coming weeks and months, after the Safra Group formally takes control of Saxo.
