Untitled - Saxo World

The effort to increase the Arabic communication contentwill continue during 2010.Nordic RegionOverall the region grew its business in 2009 and successfullytested new approaches to engage in the market. TheBank implemented a new segmentation of the Nordic clienteleand organised the region in accordance hereto.The prime target segment is the high-net-worth clients.The basics, in order to serve this clientele, are a combinationof online services, financial knowledge and a personalrelationship with the client. Focus on this segment resultedin an increased level of client satisfaction and higherprofitability.Another targeted segment is the online private client whoprefers to develop and execute his or her own investmentstrategies online and cost-efficiently. The online servicelevel was improved in 2009 for both new and existing clients.This resulted in lower costs and increased online efficiency.The partner strategy focused on developing the businessin close cooperation with existing partners.Southern EuropeSouthern Europe is one of the largest regions in SaxoBank. The region has increased clients’ collateral depositssuccessfully during 2009. A key driver was the increasedgeographical footprint that resulted in a changed compositionof clients - towards a more diversified portfolio withless individual client dependencies.In Milan, Amsterdam and Athens offices were openedduring the year. These milestones were taken with the expectationof increasing local market share through personaland more direct relationships with clients.During 2009, the institutional team in Southern Europehas engaged in a number of white label partnerships fromlarger regional Banks.SwitzerlandDuring 2009 the Swiss organisation went through severalstructural changes. The German team, which was previouslybased in Copenhagen moved to Zurich and at thesame time the market responsibility for Germany, Austriaand Lichtenstein was transferred to the Swiss operation.These markets which are predominantly German speaking,called for the Geneva and Zürich offices to be mergedinto one new Swiss office. The new office in Zollikon wasoperational as of 14 December 2009.Along with the organisational transition, the Swiss organisationgrew the business. Private business, in particular,reported a stable performance.UKA strengthened management team and a new approachto the markets in the UK and North America delivered improvementsin the overall performance. Operational efficienciesand product enhancements e.g. an upgrade ofthe web presence and the introduction of spread betting,led to a turnaround in business. Top line and client collateraldeposits saw improvements together with a reducedcost base.The UK-focused marketing campaign launched in late2008 and carried through 2009 helped to improve therecognition of the Saxo Bank brand in the UK and themore targeted approach to specific client segmentshelped generate new institutional relationships as well asbusiness from high-net-worth and professional trading clients.Latterly, the focus on cross asset trading and onlineFX Options capability have improved customer loyalty, particularlywith professional private trading clients.ANNUAL REPORT 2009 · SAXO BANK · 37