COPENHAGEN, June 26 (Reuters) – Denmark’s Saxo Bank has been designated by the country’s financial watchdog as a systemically important financial institution (SIFI), the lender said on Monday.

SIFIs are large institutions that play a central role in the financial system and are critical to financial stability, making them subject to more stringent capital requirements than regular banks. Saxo Bank becomes Denmark’s ninth such institution.

Saxo Bank, which is considering listing on the Copenhagen stock exchange, has more than a million customers and manages client assets of more than 700 billion Danish crowns ($102.5 billion).

“We are aware of the increased responsibility that comes with the appointment and look forward to further strengthening our position as a trusted institution for our many customers,” Chief Executive Kim Fournais said in a statement.

($1 = 6.8308 Danish crowns)

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