The ongoing digitization led Saxo Bank Cyprus office shut down as per the Bank's Global Head. Will the bank still provide services to the CEE and MENA region clients?
9 March, AtoZ Markets – Saxo Bank, a fully licensed and regulated Danish bank, has made an announcement that it will close its Limassol, Cyprus office. Just 5 years ago, the bank opened its Limassol office with its further plans for expansion in Cyprus. Saxo Bank also decided to aggressively go after MT4 business using Cyprus as a base. We will see below what happened on their way and why are they closing down.
What about the CEE and MENA region clients?
The Limassol office initially set up a subsidiary which focused closely on retail Forex clients via an MT4 offering. After SaxoTraderGo platform was introduced in 2015, the company ceased its MT4 business and renounced its CySEC license. Following that, the company focused its retail operation exclusively on its SaxoTrader and SaxoTraderGO platforms.
The Cyprus office has been providing support to its clients in the Central and Eastern Europe (CEE) and the Middle East and North Africa (MENA). Above all, clients will continue to receive services from Prague, Dubai, and Copenhagen. They will also have access to the same level of service, expertise and range of language capabilities as before.
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Reasons for Saxo Bank Cyprus office shut down
Saxo Bank will continue to be operational for its European clients via Saxo Bank A/S. The latter one the Danish Financial Services Authority (FSA) regulated company. The group also maintains licenses in other countries like UK, Switzerland, and France. Regarding the Saxo Bank Cyprus office shut down, Matteo Cassina, the Global Head of all lines of business at Saxo Bank, comments:
“The ongoing digitization of our business has allowed us to evolve our organizational 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.”
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