Acquisition move of a Danish online investment bank

[img_assist|nid=7776|title=|desc=|link=none|align=left|width=100|height=86]Cambiste, a French provider of Web-based foreign exchange trading services was purchased by Danish online investment bank Saxo.

Cambiste was introduced by former Calyon trader Pierre-Antoine Dusoulier in April 2006. The project was aimed to enable regulated, on-shore forex trading services in France.

Current acquisition is said to enable Saxo Bank to tap into the growing appetite for forex and contracts for differences (CFDs) trading in France.

As per Albert Maasland, Saxo Bank director, the CFD market "effectively only started in France last November" and there will be "dramatic growth in this market".

After the acquisition gets regulatory approval and is fulfilled, Cambiste will be re-branded as Saxo Banque, France. The management of the company will be rendered to Cambiste CEO Pierre-Antoine Dusoulier.

For the last several months this purchase is the newest in a number of international deals reported by Saxo. Last year in September the bank purchased Swiss Synthesis Bank. Previously this month a memorandum of understanding with Australian brokerage Tricom Holdings was signed, with a view to acquire a 35% stake in the business.