Saxo Bank sees further MEA growth

June 1, 2014 12:28 am

Copenhagen-based Saxo Bank has said the Middle East and Africa (MEA) is expected to contribute around 15% of its total revenue within five years, as the specialised investment bank looks to tap the region’s growing wealth, Reuters has reported. The bank, which opened an office in Abu Dhabi, its second in the UAE, said its revenue in the region had already grown to 10% of the group total from between 3% and 4% in 2009. “This region has great concentration of wealth and a stronger regulatory environment now,” co-founder and chief executive, Lars Seier Christensen, told the news service. “From our perspective, we are hoping to take revenues from this region to 15% (of total revenue) in the next three to five years.”