Saxo Bank strengthens its capital base with EUR 77.5 million
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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