Saxo Bank Continues Expansion in Europe with new Cyprus Office

COPENHAGEN, Denmark, April 26, 2012 /PRNewswire/ --

Saxo Bank, the specialist in online trading and investing, today announces the opening of its new office in Cyprus which will provide Cypriot investors with access to international financial markets. Vitali Boutbaev has been appointed as Head of Saxo Bank A/S Cyprus and will be responsible for running the business and bringing new clients on board. He also remains responsible for all Central and Eastern European activities in the Bank.

Saxo Bank A/S Cyprus is a branch of Saxo Bank A/S Denmark. The new office, located in Limassol, will be a regional business centre covering the whole of Central and Eastern Europe.

Since joining the EU in 2004, Cyprus has become an attractive place to be for many high-net worth individuals due to attractive conditions for capital markets participants. With per capita GDP just above the average of the EU, Cyprus is emerging as a great place for fully licensed and regulated European banks to setup their presence. 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 an internationally recognised place for trading and investments. In 2008, Cyprus introduced the Euro and, on 1 July, this year, Cyprus is taking their turn at the EU Presidency.

Vitali Boutbaev commented on the opening:

"Cyprus is an established and expanding place for financial services. Saxo Bank already has a significant number of institutional clients, white label clients and high-net worth individuals 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 Central and Eastern Europe which is emerging rapidly, and the new office will strengthen Saxo Bank's overall position as a major player in online brokerage, both in Europe and internationally."

About Saxo Bank

Saxo Bank is a leading online trading and investment specialist. A fully licensed and regulated European bank, Saxo Bank enables private investors and institutional clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated trading platforms; the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application available in over 20 languages. Saxo Bank also offers professional portfolio and fund management through Saxo Asset Management who accommodates high-net worth private clients and institutional investors and provides banking services and advice to retail clients through Saxo Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East, Latin America and Australia.

Media enquiries

Panos Tsirides, General Manager, V+O COMMUNICATION CYPRUS
+357-97733696

Anna Sabotinova, Marketing Manager, Saxo Bank A/S Cyprus
+357-250-21-125

Kasper Elbjørn, Head of Group Public Relations, Saxo Bank A/S
+45-3065-4300
press@saxobank.com