The deal also includes the operational talent of the target company in the country
MultiBank Group has acquired the client and operational assets of AETOS in China, the companies exclusively shared with Finance Magnates. The news comes amid ongoing consolidation in the Chinese market amid a crackdown on the part of local authorities on the industry.
The financial terms of the deal have not been disclosed, but the customer base in mainland China of AETOS is evaluated at tens of thousands of clients. The CEO of the target company, Draco Ng, is joining the firm alongside a vast number of other employees, including developers, sales, and support teams.
The deal comes at a time when brokers in Australia have actively been resisting pressure on the part of the local regulator which has mandated firms to present legal opinions that state they are allowed to operate in China and other jurisdictions outside of Australia.
New Clients & Employees
The customers of AETOS in China will be transferred to MultiBank Group through a new division by the name of MBG. Ng will be serving as the CEO of the new subsidiary. Operations of the target company outside of China are not included in the deal.
“Our customers should expect a smooth transition and will continue to be serviced by the same sales and support team as prior to the transfer. Moreover, as the CEO of MBG, the new division of MultiBank Group, we will ensure that the customers will enjoy the same level of excellence in service, Execution speed, technology, trading conditions, security of funds, customer support and all other related matters,” Draco Ng elaborated on the transition.
In statement shared with Finance Magnates an AETOS representative elaborated: “After deliberating our communication with ASIC and the professional advice from various leading law firms, the board of directors of AETOS has decided to cease the provision of financial services to clients residing in mainland China and officially terminate its operation in mainland China in an orderly manner from 15th June, 2019.”
Clients Transfer Next Weekend
The transfer of clients between the companies is scheduled to take place next weekend after the close of financial markets on the 8th of June 2019 (Saturday). The new company will continue to be operating in China via the FSC-licensed subsidiary of Multibank Group called MultiBank FX International.
The acquisition by MultiBank Group comes after a significant expansion of the Group’s operations globally after the establishment of MEX Asset Management in Frankfurt, MEX Wealth Management in the Cayman Islands, MEX Fintech in Hong Kong, MEX Spain in Barcelona, MEX MENA in the UAE and MEX Capital Markets in Mexico.
Commenting on the matter, the Marketing Manager of MultiBank Group, Sophia Barnes, said: “The Group is now finalizing further expansion in England, Kuwait, Philippines, Indonesia, and Kenya, all of which are envisaged to be operational in 2019. This brings the total global reach of MultiBank Group to 18 offices worldwide.”
FCA License Application
MultiBank Group also shared with Finance Magnates that it is in the process of applying for an FCA license in London. According to the company, different subsidiaries of MultiBank Group are currently licensed and regulated by BaFin in Germany, FMA in Austria, CNMV in Spain, FSC in the BVI, ASIC in Australia, CIMA in the Caymans, and RAK in the UAE.
MultiBank Group has acquired the client and operational assets of AETOS in China, the companies exclusively shared with Finance Magnates. The news comes amid ongoing consolidation in the Chinese market amid a crackdown on the part of local authorities on the industry.
The financial terms of the deal have not been disclosed, but the customer base in mainland China of AETOS is evaluated at tens of thousands of clients. The CEO of the target company, Draco Ng, is joining the firm alongside a vast number of other employees, including developers, sales, and support teams.
The deal comes at a time when brokers in Australia have actively been resisting pressure on the part of the local regulator which has mandated firms to present legal opinions that state they are allowed to operate in China and other jurisdictions outside of Australia.
New Clients & Employees
The customers of AETOS in China will be transferred to MultiBank Group through a new division by the name of MBG. Ng will be serving as the CEO of the new subsidiary. Operations of the target company outside of China are not included in the deal.
“Our customers should expect a smooth transition and will continue to be serviced by the same sales and support team as prior to the transfer. Moreover, as the CEO of MBG, the new division of MultiBank Group, we will ensure that the customers will enjoy the same level of excellence in service, Execution speed, technology, trading conditions, security of funds, customer support and all other related matters,” Draco Ng elaborated on the transition.
In statement shared with Finance Magnates an AETOS representative elaborated: “After deliberating our communication with ASIC and the professional advice from various leading law firms, the board of directors of AETOS has decided to cease the provision of financial services to clients residing in mainland China and officially terminate its operation in mainland China in an orderly manner from 15th June, 2019.”
Clients Transfer Next Weekend
The transfer of clients between the companies is scheduled to take place next weekend after the close of financial markets on the 8th of June 2019 (Saturday). The new company will continue to be operating in China via the FSC-licensed subsidiary of Multibank Group called MultiBank FX International.
The acquisition by MultiBank Group comes after a significant expansion of the Group’s operations globally after the establishment of MEX Asset Management in Frankfurt, MEX Wealth Management in the Cayman Islands, MEX Fintech in Hong Kong, MEX Spain in Barcelona, MEX MENA in the UAE and MEX Capital Markets in Mexico.
Commenting on the matter, the Marketing Manager of MultiBank Group, Sophia Barnes, said: “The Group is now finalizing further expansion in England, Kuwait, Philippines, Indonesia, and Kenya, all of which are envisaged to be operational in 2019. This brings the total global reach of MultiBank Group to 18 offices worldwide.”
FCA License Application
MultiBank Group also shared with Finance Magnates that it is in the process of applying for an FCA license in London. According to the company, different subsidiaries of MultiBank Group are currently licensed and regulated by BaFin in Germany, FMA in Austria, CNMV in Spain, FSC in the BVI, ASIC in Australia, CIMA in the Caymans, and RAK in the UAE.
Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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