Follows the acquisition last year by Saxo Bank of its Latin American white label partner.
Those who follow our blog will know that, as we reported last October, Saxo Bank acquired its Montevideo, Uruguay-based white label partner NVN Securities. So it should come as no surprise that Saxo Bank has now formally opened its office in Montevideo, to be headed by Luis Simões Pereira who has been with Saxo Bank for more than five years.
The newly (re)formed Saxo Capital Markets Agente de Valores, SA will serve Saxo Bank clients across the Latin America region.
This move is the latest in a series of expansion steps taken by Saxo Bank co-founders Kim Fournais and Lars Seier Christensen, since they retook the management reins at Saxo Bank last year. After laying off 20% of staff in a major restructuring and cost-reduction move, Saxo Bank continues to expand — it recently entered the Prime Brokerage business, and other than the Uruguay office, Saxo Bank last month announced the opening of an office in Istanbul, Turkey and has also recently opened offices in Warsaw, South Africa, Cyprus, and Australia.
For the complete press release on the opening of the Saxo Bank Montevideo office click here.
Saxo Bank is a member of LeapRate’s Approved List of global FX brokerage firms.