Saxo Bank, a Danish bank specialized in providing online trading services, has decided to close down its Cyprus-based branch, online finance media Finance Magnates reported on Wednesday, citing unnamed sources. Traders from Central and Eastern Europe (CEE) and the Middle East and North Africa (MENA) region will be serviced from the bank’s offices in Prague, Dubai and Copenhagen.
No official confirmation was immediately available.
With the move the forex bank aims to cut costs and optimize operations, according to Finance Magnates.
“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,” the media cited Mateo Cassina, global head of sales at Saxo Bank, as saying.
The bank will continue to on-board European clients via its Danish-regulated company Saxo Bank AS. It used to hold a license by the Cyprus Securities and Exchange Commission (CySEC), but renounced it in 2015. It has licensed in several countries, including some in the EU – Denmark, the UK, France, and Switzerland. In the Middle East, the bank falls under the regulatory scope of the authorities in Singapore, Turkey, UAE.
“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,” according to Cassina.
Saxo Bank, set up in Copenhagen in 1992, offers about 30,000 trading instruments, including forex, binary options, contracts for difference (CFDs), stocks, bonds, and futures. The group operates through its subsidiary companies across Europe, Asia and the Middle East, Australia, South America, and South Africa.