Copenhagen based multi asset broker Saxo Bank has just announced that it will close its office in Limassol, Cyprus.
The office in Limassol has served as a hub for servicing clients in the CEE and MENA region. Clients will now be serviced from offices in Prague, Dubai and Copenhagen and will have access to the same level of service, expertise and range of language capabilities as before.
Saxo Bank opened its Limassol office back in 2012. The Cyprus office represented not just continued expansion, but also a decision by Saxo Bank to aggressively go after MT4 business, using Cyprus as a base.
Matteo Cassina, Global Head of Sales at Saxo Bank, commented:
The ongoing digitisation of our business has allowed us to evolve our organisational structure and therefore we have decided to close our office in Cyprus in line with our strategy of reducing cost and complexity in the Group. Clients which have to date been serviced through the hub office of Limassol will now be serviced through our offices in Prague, Dubai and Copenhagen and will have access to the same level of service, expertise and range of language capabilities as before.