It’s official! IG Group confirms commencement of Swiss operations

Following the news broken by LeapRate in September, British multi-asset spread betting, FX and CFD firm IG Group has officially confirmed the acquisition of its Swiss banking license, and has begun to provide financial trading services to private and institutional clients in Switzerland.

FTSE 250-listed IG Group Holdings Plc, which has a market capitalisation of CHF 3.3 billion as of July 2014, had made a commercial priority of entering the watertight Swiss financial market, having categorically stated such in its interim management statement earlier this year. As per the report by LeapRate two weeks ago, the new Swiss operation will be known as IG Bank S.A.

As far as the inauguration of the Swiss office is concerned, IG Group’s official line is that this is a natural step in the Group’s development, following several years of positive growth in Europe, and is indicative of IG’s strong commitment to its existing client base in Switzerland. Tim Howkins, CEO of IG Group Holdings Plc said: “IG is delighted to bring its market leading technology and customer service to the Swiss market. Given the highly financially literate audience in Switzerland, this is a natural geographic extension for IG.”

Mr Fouad Bajjali, CEO of IG Bank S.A. will run activities in Switzerland together with a team of 20 professionals with extensive experience in the Swiss financial market. They will promote IG’s total commitment to helping its clients trade, through robust trading systems, global reach and its commitment to developing innovative technology – this is what makes IG a global leader in financial online trading.

Mr Bajjali declared: “We are proud to have obtained the Swiss banking license. Opening our new office in Geneva and recruiting locally brings us closer to existing and future Swiss clients. The CFD is an ideal product for trading the financial markets, with its flexibility and transparency putting clients in control.”

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