Equiti Group has just shared with Finance Magnates that the company landed a new major partnership for FX liquidity. The company will be delivering its services to none other but the third-largest bank by assets in Saudi Arabia – Riyad Bank.
The move comes as a continuation of Equiti’s regional and global push to extend its eFX offering to new customers. The news underpins the firm’s strategic effort to attract more major bank clients located all around the world to its eFX liquidity product.
The news was made public by the Executive Managing Director of Equiti Group, Mohamed Alahmad. The Group’s UK based entity, Equiti Capital, will provide its trading infrastructure and a 24-hour FX service to the third-largest bank in Saudi Arabia.
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With over 5,600 employees, Riyad Bank is one of the largest and most successful financial institutions in the Kingdom of Saudi Arabia. The institution was established in 1957 and is well-known for offering a wide array of services and products.
Commenting on the deal, the Global Head of Institutional Sales at Equiti, Hormoz Faryar, said: “The co-operation with a prominent partner like Riyad Bank highlights the progress we made in the region over the last couple of years. As we continue to expand our operations, both in the region and around the world, we are looking forward to extend our network of partners.”
Equiti Group states that it will continue its global push as it continues to focus on providing its services beyond the MENA region. The firm already has local offices in the Middle East, North America, Europe, and the Asia Pacific regions and provides trading support and services to individual, corporate and institutional clients.