BinckBank disappears, takeover by Saxo – THIS IS WHAT YOU NEED TO KNOW!

The name BinckBank disappears and becomes Saxo Bank

More than 20 years after its foundation, the name BinckBank will disappear from the Netherlands. After the takeover in 2019, this well-known online broker will now be part of Saxo Bank, a Danish bank. Initially, the plan was to retain the name BinckBank in Belgium and the Netherlands. In the other countries, customers would switch to Saxo. This plan was eventually changed. In short:

As of July 1, the name BinckBank will no longer be used in the Netherlands.
BinckBank’s 300,000 customers are switching to Saxo Bank’s platform
Saxo acquired Binck in 2019 for 424 million euros.

BinckBank had certainly acquired a strong position in the Netherlands and Belgium. But on 1 July it will become reality that the Binck name will also disappear in the Netherlands. It had already emerged shortly after the agreement that this would happen. Saxo CEO Kim Fournais made the following clear to de Tijd in 2019 : “There is no point in continuing to run two platforms side by side. We also believe that we can offer customers great benefits. They will gain access to new products and services that can improve their experience.”

BinckBank was founded in 2000. The first pioneers were four former employees of the broker IMG Holland. After 4 years, full ownership of BinckBank was acquired by Amsterdam Option Traders, a trader listed on the stock exchange. The name Binck was retained. Then, in 2007, the great rival Alex was acquired by Binck from Rabobank, for which 390,000 euros had to be paid. Many years later, in 2018, the name Alex Vermogensbeheer disappeared. And now the name Binck is disappearing.

Saxo Bank: Introducing ourselves

Like BinckBank, Saxo Bank is an online bank for investors. Founded in Denmark in 1992, Saxo Bank is three times the size of BinckBank. With offices in 16 countries, Saxo has more than 1,500 bank employees worldwide. China’s largest independent car manufacturer, Geely, has owned 52% of the shares since 2018. Geely also owns Volvo and also has major interests in Daimler, the manufacturer of Mercedes-Benz. Want to read more about Saxo Bank? Then check out the Saxo Bank review .

BinckBank is disappearing: what happens to my Binck account?

When your account has been transferred to the Saxo Bank platform, you will only have access to the account via BinckBank in a ‘read-only’ mode. This means that you can view the account overview, but you will no longer be able to perform any transactions.

For security reasons, they ask you to create a new password for the account on the Saxo platform. The change implemented at Saxo Bank does not apply to your account details of BinckBank. The password of BinckBank remains unchanged and you simply use it to log in there.

Your entire account with the total of your credits (cash balance) and positions will be transferred to the Saxo Bank platform. It is possible that almost all settings will be transferred. This way you will be able to log in immediately after the transition and continue investing as you were used to.

What will change in the Binck app?

Immediately after the transition to the Saxo Bank platform is final, the Binck app will no longer be usable. At that time, you can download the new SaxoInvestor app. With the app, you have access to various functionalities of the platform. Your portfolio, screener and watchlist are visible at all times, wherever you are. Of course, it is also possible to perform various transactions with the app, such as placing orders and booking and withdrawing funds.

The transition to Saxo’s new trading platform

For the 300,000 investors that Binck has in the Netherlands, things will change from 1 July. Their portfolio at BinckBank will be transferred to the Saxo platform. The smaller portfolios with only shares and index funds will be transferred first .

If you have any questions about the consequences of the takeover, you can easily contact Binck’s customer service. In addition, answers to many questions can be found under the FAQs at Saxo’s support . This section has been set up especially for former BinckBank customers.

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