Referring to prior communications, the legal merger of BinckBank N.V. and Saxo Bank A/S is confirmed and will take place on 1 July 2024.
As communicated on 8 May, communication to IAM end clients in May is required as follows.
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 your end clients with 30 days' notice prior to the legal change taking effect on 1 July 2024.
Communication by Saxo to your end-clients
As mentioned, Saxo must also 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. View the final emails here.
Reminder - onboarding of new clients
As communicated on 25 March, Saxo will accept old onboarding documentation if the prospects who are onboarded in the period T-30 until merger date receive the new terms and conditions from their IAM with specific attention paid to changing guarantee schemes.
Adhering to the process step above, Saxo allows the IAMs to submit the former onboarding forms for a period T+30 days after the merger date.
The date of receipt of the incoming agreements determines whether Saxo can accept the documents or not. The full KYC process may not be completed within T+30.
Questions
Please reach out to your relationship manager and visit the News section on the help center where you will find all merger-related communications and FAQs.
Sincerely,
Saxo
Please note that we sent physical letters to those end-clients that did not have an email in our systems and you can find them here.