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Continues Saxo Bank’s aggressive international expansion, at the same time that it is cutting costs.
Saxo Bank, one of the world’s largest retail FX firms (and a member of LeapRate’s Approved List of global FX brokerages), has announced the opening of a new office in Istanbul, Turkey. Over the past year, Saxo Bank has added offices in Limassol (Cyprus), Warsaw (Poland), Johannesburg (South Africa) and Sydney (Australia). And, at the same time, Saxo Bank is in clear cost-cutting mode, outsourcing a lot of its IT needs and laying off 20% of its workforce.
The new Istanbul office follows Saxo Bank’s acquisition last year (of 89.54%) of Değer Menkul Değerler, a local broker with a securities license. The new branch will support and grow Saxo Bank’s existing institutional client base, offering access to Turkish markets as well as providing Turkish investors with access to international financial markets.
The head of the new office is Egemen Kaya, previously Head of Emerging Markets and Precious Metals Desk at Saxo Bank’s headquarters in Denmark.
For the complete Saxo Bank press release click here.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.