Denmark's Saxo Bank is to acquire Geneva-based online investment bank, Synthesis, in a deal agreed by the board and shareholders of the Swiss bank. Kim Fournais and Lars Christensen, founders and joint chief executive officers of Saxo Bank, said Synthesis was a perfect fit for Saxo Bank. Charles-Henri Sabet, the founder, majority owner and chief executive of Synthesis, becomes a member of Saxo Bank’s senior executive management and will head up all Saxo Bank’s trading activities. “For me, this transaction is the perfect match between two partners that know and trust each other,” said Mr Sabet. “Furthermore, our strategies mimic each other and our product offerings consist of the same mix of FX and derivatives, such as CFDs.” Synthesis was previously one of Saxo Bank’s biggest partners and becoming one bank will, according to Mr Sabet, create synergies for clients, employees and shareholders. Soeren Mose, former head of Jyske Bank’s Swiss operations, will take over as the new chief executive officer of Saxo Bank Switzerland. Thierry Thevenaz, formerly partner and deputy chief executive at Synthesis Bank, will head a new trading desk servicing high net worth clients. Saxo Bank’s executive director Claus Nielsen will continue to be responsible for all daily trading and execution activities in Copenhagen. Both will report to Mr Sabet. Synthesis Bank has been a partner of Saxo Bank for four years and all Synthesis’s clients already execute their trades on a version of SaxoTrader. Since both banks use the same trading platform, the client offering will be the same. Saxo Bank has opened offices in London, Singapore and Marbella over the past year. A representative office was also opened in Beijing this summer and the Bank has ambitious plans for further expansion. Subject to regulatory approval from the Danish and Swiss banking authorities, the acquisition is expected to be completed later this year. Synthesis will then become Saxo Bank Switzerland.