Saxo Bank said on 22 September 2026 that it had completed the purchase of Banca Generali’s remaining 49% stake in BG SAXO SIM, taking full ownership of its Italian business. The operation is adopting the Saxo Italia brand.[1]
Ownership separates from distribution
Banca Generali’s H1 report links its 17 April 2025 put-option decision to the planned change of control at Saxo Bank. Sale terms were agreed in December 2025 and the contract signed in H1 2026; Saxo’s September announcement confirms completion.[2][1]
The seller said its distribution agreement with the Italian brokerage would continue after the joint venture ended, while Saxo would lose the right to use the BG logo. That separates ownership of the operating company from a continuing commercial distribution relationship. Full ownership does not, by itself, mean Banca Generali has stopped distributing the service.[2]
At 30 June, Banca Generali carried the stake as a €1.508 million asset held for sale. Its note says that value matched the agreed consideration. This pre-completion disclosure gives scale to the equity transfer; it does not reconcile the cash paid at closing or value the continuing distribution agreement.[2]
The customer change is concentrated in branding and access
Saxo’s completion announcement says prices, commissions, products and market access are unchanged. It describes continuity of customer relationships and positions, with new SaxoInvestor and SaxoTrader applications retaining the existing interface. The commercial claim is closer integration with the group; the announcement gives no quantified cost saving or promised investment return.[1]
Italian customer migration dates
| Date or item | Published position |
|---|---|
| 28 September 2026 | Legal name becomes Saxo SIM S.p.A. a socio unico; the old apps leave download stores.Source 3 |
| Through 8 November 2026 | Installed BG SAXO mobile apps and downloadable desktop Trader remain usable.Source 3 |
| After 8 November 2026 | Use the Saxo applications; the downloadable desktop version also needs replacement.Source 3 |
| Transfers | Use beneficiary Saxo SIM S.p.A.; retain the existing IBAN and client-ID reference.Source 3 |
The notice also preserves existing contracts, economic terms and tax administration, including the carried-forward tax position for customers using the administered tax regime. An outdated beneficiary name can trigger a mismatch warning at the sending bank even though Saxo says it can still accept the transfer.[3]
Sources & further reading
- Saxo completes acquisition of the remaining 49% of BG SAXO Saxo Bank · 22 Sep 2026 · Accessed 21 Oct 2026
- Banca Generali consolidated H1 2026 financial report, pages 97, 119–120 and 155 Banca Generali · Accessed 21 Oct 2026
- Saxo Italia account and platform migration Saxo Italia · Accessed 21 Oct 2026