Latvian bank AS Expobank has concluded the acquisition of the securities brokerage arm of FXCM U.K., FXCM Securities. The brokerage is gearing towards repaying its loan to Leucadia National by the end of the first quarter of 2016, according to the expectations of the company that played the role of a lender of last resort for the broker.

FXCM took the decision to sell the securities unit that it acquired in 2010 after the acquisition of ODL Group. The deal was agreed to in principle in July but has concluded only now as all of the formalities of the FCA reviewing the acquirer are out of the way.

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Expobank LLC was formerly owned by Barclays, but was sold to a consortium of private investors led by Russian billionaire Igor Kim back in 2011. He has also been active in the Russian market with the acquisition of the Moscow headquartered subsidiary of the Royal Bank of Scotland earlier this year.

FXCM Securities was a relatively minor part of the business of FXCM Inc, with the brokerage arm focused on equities, futures, options and some other instruments.

The Latvian subsidiary of the Russian billionaire’s bank is getting direct access to executing orders on behalf of its clients and will be a big facilitator for the operations of AS Expobank. In the meantime a number of Western companies have begun cutting back on their operations in Russia.

The Chairman of the Management Board of AS Expobank, Ilya Mitelman, explained in a company statement:“Following the FCA’s thorough review of AS Expobank, we now have a presence in the world’s biggest and most important financial centre.”

The Latvian bank’s management has already given a new name to the brokerage house. Mr Mitelman continued in the statement, “Walbrook Capital Markets aims to build upon the strong foundation that already exists here. Our focus is to be the broker of choice for clients who require a personal, expert service from an experienced City-based team.”

The new entity has an active FCA license which is transferred to the new owner of the brokerage.