Plus500 Marks Latin America Presence with a Representative Office in Colombia

The ambition of Plus500 (LON: PLUS) to capture the Latin American markets has become prominent with the establishment of its first representative office in Colombia. Announced today (Tuesday), it is the first strategic expansion of the broker in that “fast-growing region.”

Plus500’s Aim to Grow in Latin America

Interestingly, FinanceMagnates.com recently reported that Plus500 is also seeking a local licence in Chile, another South American country. It already established a local entity there last year.

Plus500 has obtained authorisation from the Colombian Financial Superintendence (SFC) to establish a new representative office in Colombia.

The new representative office will allow the Israeli broker to build stronger relationships with local stakeholders and offer “a localised and more tailored service proposition” to its regional customers.

“This is another significant milestone reflecting our commitment to growing the Group's presence in new markets worldwide, while ensuring that we continue to operate in full compliance with local regulatory frameworks,” said Plus500’s CEO, David Zruia.

“This authorisation represents an important step in establishing our position in Latin America.”

Expansion Never Stops

Headquartered in Israel, Plus500 entered the Americas eyeing the retail futures market in the United States. It entered the country by acquiring two entities of the same group: Cunningham Commodities and Cunningham Trading Systems. The deal was closed for $30 million, which the Israeli broker paid from its growing cash reserves.

Earlier this year, it also gained a Canadian licence to offer over-the-counter (OTC) products locally.

Meanwhile, Plus500 is not the only broker to establish a base in Latin America. AvaTrade, another CFDs broker, gained approval from the Colombian regulator to offer services in the country. Poland-based XTB also gained a licence in Chile.

Plus500’s ambitions, however, are not limited to Latin America. It obtained a Dubai licence earlier this year and also acquired an Indian broker to tap into the South Asian market.