Saxo Bank took further steps to improve its capital strength by emmission of Convertible Tier 2 Notes for €46.25 million and new equity capital of €31.25 million. Full sum (€77.5 million) came from money managing CarVal Investors.
Saxo Bank’s shareholders showed their consent with waiving their right, what made CarVal taking 2.5% of their company, or €31.25 million.
Such steps from Saxo Bank are expected to be related to Swiss National Bank’s (SNB) cap removal on the EUR/CHF currency pair. Most of the financial institutions were unable to react and largely hurt by these measures.
Capitalization is kept at satisfactory levels, albeit SNB’s move took the bank approximately $107 million
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