An IG Group Holdings PLC (LON:IGG) spokesperson has confirmed to Forex Magnates’ reporters that the company has officially obtained a Swiss foreign-controlled bank and securities dealer license. The company’s Swiss regulated subsidiary is named IG Bank S.A. and is located in Geneva, where the company opened its office earlier this year.
The news doesn’t come as a surprise, as the firm announced earlier this month in its interim management statement that it was granted authorization by Swiss regulator FINMA, but did not reveal the details. IG Group Holdings PLC (LON:IGG) has been granted to open a new sales office in Geneva, with the company mentioning in the statement that it will “begin trading there in the very near future.”
IG has also announced that it plans to “progress its license application in Dubai,” suggesting an imminent expansion into the Middle East region.
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The move is part of the company’s long-term strategy to expand its business to regions outside of the UK and was announced in July last year. The prestige of Swiss regulation is an addition to the company’s already vast portfolio of global operations, including regulation under one of the world’s strictest regulators – the Singapore Monetary Authority.
IG Group Holdings PLC (LON:IGG) reported mildly lower revenues in all regions, while it confirmed that its UK operations remained resilient in the third quarter of 2014. The firm also announced the launch of its stockbroking in the UK and Ireland earlier this month.
The company announced in January that it was establishing an office in Switzerland and appointed Fouad Bajjali as CEO of IG Switzerland SA. Every company willing to get authorized in the country has to fully establish an office with designated roles before being granted regulatory approval.