Online investment bank BinckBank is to give up its Dutch licence as part of a “judicial fusion” with its Danish owner Saxo.

BinckBank will no longer fall under the direct supervision of the Dutch national bank and savings will be covered under the Danish, rather than Dutch, deposit guarantee up to a maximum of €100,000.

Saskia Klep will step down as CEO once the fusion has been completed.

BinckBank has had a troubled relationship with the Dutch banking authorities which predates the takeover by Saxo in 2019. BinckBank account holders continued to fall under the jurisdiction of DNB, but Saxo was known to favour a single regulatory regime.

Some customers are still pursuing compensation for the handling of the transfer of their accounts to Saxo’s investment platform, with BinckBank holding several million euros in reserve for potential payouts.

Last year BinckBank was fined €530,000 by the administrative regulator AFM for failing to put procedures in place to ensure that its customers only invested in products that were appropriate for their target market, which breached EU governance rules.

Saxo said customers would retain their Dutch bank account numbers and the helpdesk in Amsterdam would remain open. DNB will act as the first regulatory port of call, but the national bank will have to liaise with its Danish counterpart from now on.