Following our report yesterday that FXCM Inc (NYSE:FXCM) had closed the sale of its regulated UK CFD arm FXCM Securities to Latvia’s AS Expobank – which had been exclusively reported on LeapRate back in July – LeapRate has learned that Expobank has plans for its new FCA regulated arm, including a name change to Walbrook Capital Markets.
FXCM Securities, a brokerage specializing in Equities, Futures, Options and CFDs, was previously known as ODL Securities, a company FXCM acquired in 2010 soon before its own IPO. Rebranded as Walbrook Capital Markets, it will continue to operate as an FCA-regulated business from its current offices in The City of London.
Ilya Mitelman, Expobank
Expobank is one of the oldest Latvian banks, with a branch in Cyprus and a representative office in Hong Kong. Entry into the UK reinforces the bank’s business model, characterised by a low appetite for credit risk. Its long-term strategy is one of diversifying its business, geography and client base while strengthening its provision of financial services for corporate and private clients across international markets.
FXCM is in the midst of a number of asset and business sales, looking to repay a high-interest loan to Leucadia National Corp (NYSE:LUK) made earlier this year.
Ilya Mitelman, Chairman of the Management Board of AS Expobank, had the following to say to LeapRate about the acquisition:
I am very excited by the acquisition of this established and well respected business. Following the FCA’s thorough review of AS Expobank, we now have a presence in the world’s biggest and most important financial centre. Walbrook Capital Markets aims to build upon the strong foundation that already exists here. Our focus is to be the broker of choice for clients who require a personal, expert service from an experienced City-based team.