As communicated on 25 March and 1 May 2024, we informed you of Saxo’s plan to continue the Dutch, Belgian and French Saxo branches under Saxo's Danish banking license. We hereby confirm that the plans are going ahead and the legal merger of BinckBank N.V. and Saxo Bank A/S will take place on 1 July 2024.
Updated terms and conditions
In connection with this change, your – and your end clients – new legal counterparty will be Saxo Bank A/S. The terms and conditions for IAMs have been updated accordingly and take effect from 1 July 2024, as follows:
- Master Agreement (NL)
- Master Agreement – Terms & Conditions (NL)
For your end-clients, the following terms and conditions have been updated and take effect from 1 July 2024:
- Client Agreement - Tripartite Services BinckBank NV
- Terms and Conditions - Tripartite Services BinckBank NV
- Important information Tripartite Services
Please view the updated terms and conditions on the help centre.
View the updated IAM end-client documentation on our websites as follows:
The changes in the documentation primarily relate to references to the Dutch Deposit Guarantee scheme and trade name regulatory authorities.
Information on the Danish deposit guarantee scheme (DGS)
Your retail end-client’s cash is protected by the Danish deposit guarantee scheme (DGS) and, just like the Dutch deposit guarantee scheme, is covered up to an amount equal to €100,000 per person. You can find more information in the DGS Information Sheets on the help centre.
Communication to IAM end-clients in May
Communication by you to your end-clients
As part of our tripartite relationship, we ask that you share the new terms and conditions and DGS sheets by the end of May with your end-clients to comply with 30 days' notice prior to the legal change taking effect on 1 July 2024.
View draft emails to use with your end clients here.
Communication by Saxo to your end-clients
As previously communicated, Saxo must share updated terms and conditions and the DGS sheets directly with your end-clients. The communication from Saxo to your end-clients is scheduled for 22 May 2024. We will share the final emails ahead of dispatching.
When will this change take place?
The updated terms are effective from 1 July 2024. By continuing to use our services after this date, you agree to the updated terms.
Where can you find more information?
Please read the FAQs shared on 25 March and 1 May or contact your relationship manager.
Good to know
The change of the legal counterparty to Saxo Bank A/S is the final step in the integration of BinckBank into Saxo Bank. The Dutch Central Bank issued a "declaration of no objection" on 4 April 2024 to implement this legal change.
Saxo Bank A/S has an A- investment grade rating from S&P and a Systemically Important Financial Institution (SIFI) designation from the DFSA. This seal of approval is given to financial institutions deemed important to the functioning of the financial system and is accompanied by stricter supervision and higher capital requirements.