UPDATE 1-Saxo shores up capital base three months after Swiss franc shock

April 14, 2015 3:42 PM

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LONDON, April 14 (Reuters) - Denmark's Saxo Bank, a global online trading firm, said it was expanding its capital base by issuing Tier-2 capital and fresh equity three months after it was left facing millions in losses when the Swiss National Bank removed its cap on the franc.

Saxo said it had strengthened its capital base by issuing convertible Tier 2 Notes for 46.25 million euros ($49.37 million) and new equity capital for 31.25 million euros. CarVal Investors, a fund manager with over $10 billion in assets under management, invested in the offering, becoming a minority...

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