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Saxo Bank agrees to sell Uruguayan unit to DIF Broker

Saxo Bank A/S agreed to sell its Saxo Capital Markets Agente de Valores SA unit to long-term white label partner DIF Broker.

The deal, which was approved by relevant authorities, is still subject to customary closing conditions, with DIF Broker expected to be the new shareholder of the Saxo Bank unit with effect from Dec. 31.

The sale of the Uruguayan subsidiary is part of the Danish lender's strategy to strengthen its presence in certain key markets, while having a strategy of working closely with local partners in markets where partnership advantages are greater than physical presence.

The deal will also allow DIF Broker, which was founded in Portugal in 1999, to fulfill its wider strategic plans to expand geographically and further develop its client base.