The UK subsidiary of Global Kapital Group, GKFX UK, is refocusing to target wholesale clients, the company shared in an update. The restructuring comes after an internal review and a decision to migrate the retail clients of the broker to an affiliated company in Malta.
The retail brand which Global Kapital Group, AKFX, is regulated by the Malta Financial Services Authority (MFSA). The company decided to suspend the on-boarding of new retail clients to the UK subsidiary. AKFX will be servicing European clients with the “GKFX EUROPE” trading brand via its platform.
Commenting to Finance Magnates, the Group CEO, Tunc Akyurt, said: “Our goal is to ensure sustainable and profitable growth for our brokerage business operating in different markets of the world. As a result of our strategical change, GKFX UK will be focusing mainly on wholesale business.”
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Refocusing on Wholesale
The rebranding of GKFX UK to GKPRO will become effective from the 1st of June. Both retail and elected professional clients of the company are being asked to move to AKFX. With the parent company Global Capital working on specific restructuring within its group companies around the world.
The firm is going to reshape its focus on certain markets and client segments, with GKPRO aiming at servicing institutions and professional customers, leveraging the company’s FCA license.
The reshaping of the sector as a result of the regulatory changes dictated by the ESMA last year appears to be the primary reason for the company’s restructuring. Last year, the UK FCA asked brokers to submit information about their retail and elective professional clients. A move which aimed at finding out how are companies reclassifying their customers.