Saxo Bank adds Cyprus office to Europe network
Copenhagen-based Saxo Bank has opened an office in Cyprus, the EU nation to assume the six month EU Presidency in July, to provide local investors with access to international markets.
Saxo Bank A/S Cyprus is a branch of Saxo Bank A/S Denmark. The new office, located in Limassol, will be a regional business centre covering the whole of Central and Eastern Europe. The new office will be headed by Vitali Boutbaev, who will also remain responsible for all Central and Eastern European activities in the bank.
Since joining the EU in 2004, Cyprus has become an attractive place to be for many high-net worth individuals due to attractive conditions for capital markets participants, a statement from the bank said. The southern republic of Cyprus adopted the euro in 2008.
With per capita GDP just above the average of the EU, Cyprus is “emerging as a great place for fully licensed and regulated European banks to setup their presence”.
Cyprus has built strong relationships, include double taxation treaties, with countries like Russia, which is one of the biggest markets for Saxo Bank. It also has shipping expertise, a fledgling hedge fund community, and growing expertise in trading and investments.
“Cyprus is an established and expanding place for financial services,” said Boutbaev. “Saxo Bank already has a significant number of institutional clients, white label clients and high-net worth individuals in the country and by opening an office local to them we are able to enhance the quality of the service on offer to meet their growing demands.”
“We are keen to explore potential market growth in Cyprus and in Central and Eastern Europe which is emerging rapidly, and the new office will strengthen Saxo Bank’s overall position as a major player in online brokerage, both in Europe and internationally.”
A fully licensed and regulated European bank, Saxo Bank enables private investors and institutional clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application, available in more than 20 languages.
The bank also runs Saxo Asset Management, targeting high-net worth private clients and institutional investors and providing banking services and advice to retail clients through Saxo Privatbank.