Polish FX brokerage XTB, whose shares are listed on the Warsaw Stock Exchange, has promoted its deputy general manager Irina Cristescu to serve as the group’s newest General Manager of the Romanian branch.
Cristescu is replacing Bogdan Albu who finished his seven-year term with the group and most likely will continue to act as a consultant until the transition is completed.
XTB is parting ways with Albu after a lengthy tenure that included him serving as the company’s General Manager for five consecutive terms, between 2014 and 2018. He had originally joined XTB Romania in 2012 as head of sales, and coordinated the firm’s teams of brokers as well as being in charge of strategic planning and institutional partnerships.
Albu is a financial specialist and has a decade of experience in banking, capital markets, loans, and debt restructuring. He has been an individual investor on local and international capital markets since 2006.
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Sharp Drop in Q3 Results
The new executive moves come as the Polish retail brokerage’s financial results showed that the firm took a hit in terms of trading activity following the implementation of new rules set by the European Securities and Markets Authority (ESMA).
During the three months that ended September 30, 2018, XTB experienced a drop in contracts for difference (CFD) trading, which resulted in lower figures across the board. Total operating income was PLN 47.6 million ($12.7 million), a 35 percent fall from the same time period last year which achieved a total operating income of PLN 73.1 million.
Commenting on the appointment, Cristescu said: “In the light of the entry into force of MIFID2 directive and new ESMA measures, we are looking forward to working closely with our clients in order to help them in the process of adaptation to the new regulations while ensuring the highest level of protection as well as safer and healthier trading environment. At the same time, we will continue developing our position in Romania by accessing new market segments, diversifying our financial instruments offer, expanding our team as well as growing our market share.”
The outgoing manager Albu added: “Irina has been part of the XTB team since the establishment of Romanian branch in 2008, and we have collaborated closely in recent years. Irina fully understands the opportunities and challenges that our industry is currently facing, and I am firmly convinced that she will be able to successfully continue the efforts of the XTB team to provide quality services and products to a growing number of customers.”