Online trading and investor services firm, Saxo Bank, has opened a new regional office for Central and Eastern Europe (CEE) on the edge of the region in Cyprus. Located near the airport in Limassol, the office will act as the regional business centre covering the whole of the CEE, providing Cypriot, Balkan and other regional investors with access to international financial markets.
The new office will also no doubt assist in the ‘flight to safety’ that is seeing considerable capital flows leave Greece at the moment in the face if the country’s sovereign debt problems.
Saxo Bank A/S Cyprus is a branch of the parent Saxo Bank A/S Denmark organisation and will be headed up by Vitali Boutbaev who is charged with running the business and bringing new clients on board.
Since joining the EU in 2004, Cyprus has become an attractive place to be for many High-Net Worth Individuals due to attractive tax conditions for capital markets participants. At the same time, Cyprus has built strong relationships with countries like Russia, which is one of the biggest markets for Saxo Bank, and is now an internationally recognised, if small, place for trading and investments.
“Cyprus is an established and expanding place for financial services,” said Boutbaev. “Saxo Bank already has a significant number of institutional clients, white label clients and HNWIs in the country and by opening an office local to them we are able to enhance the quality of the service on offer to meet their growing demands. We are keen to explore potential market growth in Cyprus and in CEE.”
By Neil Ainger