Saxo Bank sets up Cyprus Office

Saxo Bank, the specialist in online trading and investing, today announces the opening of its new office in Cyprus which will provide Cypriot investors with access to international financial markets. Vitali Boutbaev has been appointed as Head of Saxo Bank A/S Cyprus and will be responsible for running the business and bringing new clients on board. He also remains responsible for all Central and Eastern European activities in the Bank.

Saxo Bank A/S Cyprus is a branch of Saxo Bank A/S Denmark. The new office, located in Limassol, will be a regional business centre covering the whole of Central and Eastern Europe.

Since joining the EU in 2004, Cyprus has become an attractive place to be for many high-net worth individuals due to attractive conditions for capital markets participants. With per capita GDP just above the average of the EU, Cyprus is emerging as a great place for fully licensed and regulated European banks to setup their presence. At the same time, Cyprus has built strong relationships with countries like Russia, which is one of the biggest markets for Saxo Bank, and is an internationally recognised place for trading and investments. In 2008, Cyprus introduced the Euro and, on 1 July, this year, Cyprus is taking their turn at the EU Presidency.

Vitali Boutbaev commented on the opening:

“Cyprus is an established and expanding place for financial services. Saxo Bank already has a significant number of institutional clients, white label clients and high-net worth individuals in the country and by opening an office local to them we are able to enhance the quality of the service on offer to meet their growing demands. We are keen to explore potential market growth in Cyprus and in Central and Eastern Europe which is emerging rapidly, and the new office will strengthen Saxo Bank’s overall position as a major player in online brokerage, both in Europe and internationally.”

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Saxo Bank acquired a stake in Leverate a complete solution provider to stat up FX and CFD brokerages.