CFI Cements Central Asia Presence: Opens New Baku Office

CFI Financial Group, a contracts for differences (CFDs) broker with a strong presence in the Middle East, is now expanding into Central Asia by opening an office in Baku, the capital of Azerbaijan.

CFI Enters Azerbaijan

The new office was established after setting up a local entity, CFI Financial Investment Company (CFI Azerbaijan).

Its interest in the Azerbaijani market emerged last year when it acquired a local brokerage firm, AzFinance Investment Company. The brokerage giant then stated that it would rebrand the local firm to CFI, aligning it with its global brand.

“Azerbaijan represents a fast-growing financial market with immense potential,” said Hisham Mansour, Co-Founder and Managing Director of CFI Financial Group.

According to the World Bank, Azerbaijan has a population of over 10.1 million, with a per capita income of $22,640. The broker highlighted that launching CFI Azerbaijan will also help it expand in the surrounding region.

Earlier, CFI appointed Ilgar Rustambayl as the CEO of its Azerbaijan unit. Interestingly, he is an outsider to the trading industry and previously held management roles at the international offices of Philip Morris International, The Coca-Cola Company, and MIG Bank.

“The launch of our Baku office is more than just an expansion—it is a commitment to providing Azerbaijani traders and investors with a world-class trading environment featuring competitive conditions, advanced financial tools, and expert guidance,” Rustambayl said.

Expansion amid Demand Surge

Founded in 1998, CFI operates regulated entities in multiple jurisdictions, including the UK, UAE, Jordan, and Lebanon. The company offers retail trading services through its online platform, with features such as zero-spread accounts and commission-free trading on certain products.

Last December, CFI also launched its operations in South Africa and appointed Zihaad Israfil as the local CEO.

Meanwhile, trading volume on the brokerage platform surged last year. As Finance Magnates reported earlier, CFI handled $1.12 trillion in trading volume in the last three months of 2024, a record for the broker.