Saxo Bank is closing its office in Limassol, the company has confirmed to Finance Magnates. Clients of the firm from Central and Eastern Europe (CEE) and the Middle East and North Africa (MENA) will continue to receive services from Prague, Dubai and Copenhagen.

Saxo Bank opened its Cyprus office five years ago and initially set up a subsidiary which focused closely on retail FX clients via an MT4 offering. In 2015 the company renounced its CySEC license and wound down its MT4 business. Since then the Danish brokerage focused its retail operations solely on its SaxoTraderGO and SaxoTrader platforms.

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Back in 2015 Saxo Bank decided to retain its operational presence in Cyprus, with the company’s operations focusing on providing support to its growing client base from the CEE and MENA regions.

Saxo Bank will continue to be on-boarding a portion of its European clients via the company’s Danish Financial Services Authority regulated company Saxo Bank A/S – the group also maintains licenses in the UK, France, and Switzerland.

Commenting on the move, the company’s Global Head of Sales Matteo Cassina said: “The ongoing digitisation of our business has allowed us to evolve our organisational structure and therefore we have decided to close our office in Cyprus in line with our strategy of reducing cost and complexity in the Group.”

“Clients which have to date been serviced through the hub office of Limassol will now be serviced through our offices in Prague, Dubai and Copenhagen and will have access to the same level of service, expertise and range of language capabilities as before,” Cassina added.