By Laura Noonan
LONDON, May 13 (Reuters) - Danish online investment banking firm Saxo Bank has ruled out a stock market listing in the short term, despite a resurgence of financial initial public offerings (IPOs) in 2013.
Privately-owned Saxo Bank has counted US private equity giant Texas Pacific Group as a 30 percent shareholder since 2011, when it bought in for $560 million.
The other two large shareholders are Lars Christensen and Kim Fournais, who co-founded the bank in 1992 and run it together.
'We're quite happy now being a private company, there's a lot of freedom,' said Christensen, adding that he did not see a sale of the bank or IPO in the short term.
Christensen also said that even though the impact of Cyprus' botched rescue was more significant than most people realized, it would not negatively affect Saxo Bank's service centre on the island, which opened last year and employs about forty people.
'There are no plans to not continue that, maybe we will increase it further,' he said, pointing to the lower costs of doing business in Cyprus.
A well-known blogger on the euro zone's woes, Christensen strongly criticized the end of March bailout that imposed losses of more than 60 percent on large savers in Cypriot banks, forcing the island to become the first in the eurozone to impose capital controls limiting the flow of cash out.
'Clearly money is going out of Italy and Spain, Northern European deposits are going up,' he said. 'Big money is already moving, it's the small money that could trigger an instant bank run.'
'Half of the countries that joined the eurozone have been broken by it. This thing is a weapon on mass destruction.' ($1 = 1.0000 US dollars)
(Reporting by Laura Noonan; editing by Patrick Graham) Keywords: SAXOBANK IPO/
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