Saxo Bank continues to branch into South American markets, as further demonstrated by today’s announcement by the company that it is to open a new office in Sao Paolo, Brazil’s largest city.
The new office will be headed up by Pedro Borges, who joins the firm from Orey Financial, a Portuguese financial services company. Mr. Borges has a 15-year career background in financial services, encompassing hedge funds, electronic trading and business development.
With regard to his appointment, Mr. Borges made a corporate statement today, “As host to the 2016 Olympics and the 2014 World Cup, Brazil is much more than an emerging market today. It has a booming economy which offers the financial industry access to profitable opportunities.”
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“As the largest economy in Latin America it is crucial that Saxo Bank has presence in the local market. The new office will provide access to worldwide financial assets via one platform, and we aim to become the go-to partner of choice for institutional clients looking to invest in international assets,” concluded Mr. Borges.
South American markets have certainly been of interest to Saxo Bank recently, with the company having established offices in Uruguay last year via its acquisition of local company NVN Securities, and further Latin American operations in Panama focusing on institutional business.
The company’s new office in Sao Paolo is intended to continue the path of expansion in the region, with an emphasis on institutional business.
South America’s FX industry has experienced a degree of development over recent times. Forex Magnates will jointly host a Forex Industry Conference in Chile in conjunction with ShiftForex and Conversion Pros in December this year.