Earlier in the year it was reported that Saxo Bank was intending to expand its Middle East presence with the launch of an office in Abu Dhabi, UAE. Today, the broker announced the official launch of the office. The local represtative office opens with a license granted to it from the UAE Central Bank, making Saxo Bank one of the few foreign-based firms to enter the market with local regulation.
According to Saxo Bank, the office will be headed by Filippo De Rosa, who comes to the position from having previously worked with Moody’s Analytics as an Assisting Director. The local Abu Dhabi branch falls under Saxo Bank’s larger Middle East operations, which is led by Jakob Beck Thomsen, CEO of Saxo Bank (Dubai) Ltd and Group Regional Head MENASA.
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In a joint statement, Kim Fournais and Lars Seier Christensen, co-Founders and co-CEO’s of Saxo Bank, said: “We are thrilled to be opening our second office in the UAE. We have seen operations expanding within the region rapidly since the opening of our first office in Dubai 5 years ago, and are delighted to be committing further to the Middle East and North Africa by entering Abu Dhabi.”