Polish regulators have given their backing to OANDA’s proposed acquisition of Dom Maklerski TMS Brokers SA, aka TMS Brokers.
The Canadian-headquartered brokerage firm said the deal has been unconditionally approved by the Polish Financial Supervision Authority earlier on Tuesday.
With this deal, OANDA is planning to strengthen its services in the European market, especially in the Baltic countries.
Established in 1997, TMS is the oldest and second-largest local Polish brokerage and is regulated under the Polish Financial Supervision Authority (KNF), giving the business access to markets in the European Union.
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“We’re delighted to have received regulatory approval for the acquisition of TMS Brokers. With the purchase now approved, we’re looking forward to closing the deal and beginning work on the integration of our technology infrastructure, key tools and trading resources in order to deliver the best possible trading experience to OANDA and TMS clients alike,” said Gavin Bambury, Chief Executive Officer of OANDA.
OANDA first announced plans to take control of 100% of the shares of TMS Brokers in September 2020. At the time, OANDA signalled that it may close more of such deals, with the company stating that TMS is the first in a number of strategic acquisitions OANDA is looking to complete over the next couple of years.
Under Bambury’s leadership, the firm has undergone a transformative change in its operational configuration, widening its product offering and increasing its marketing investment in order to drive further growth.
OANDA is a multi-regulated broker with offices in Toronto, Europe and the Asian Pacific region. The company operates an FX trading platform utilized by a mix of retail and institutional investors. Moreover, it provides currency information services to individuals, large corporations and portfolio managers.
The move to expand its regulatory profile and geographic reach come as OANDA and other brokerage platforms are establishing new European bases after the UK’s departure from the bloc.