Saxo Bank continues worldwide expansion, this time in Latin America.
Saxo Bank, a member of LeapRate’s Approved List of global Forex firms, today announced that it is acquiring its Uruguay-based white label partner NVN Securities. NVN is licensed by the Uruguayan Central Bank, and has been a White Label client of Saxo Bank since 2006. The company will be headed by Luis Simões Pereira who has been with Saxo Bank for more than five years, and will renamed Saxo Capital Markets, Agente de Valores, to serve clients throughout the Latin America region. No financial details of the acquisition were given.
Saxo Bank has been aggressively expanding of late. Just last month it announced the opening a new office in Warsaw, Poland. Over the past year Saxo Bank has also opened offices in South Africa, Cyprus, Turkey and Australia.
For the full press release click here.
For more details on M&A activity in the FX and related sectors, including lists of transactions dating back to 2005, valuations and multiples paid on acquisitions, see the LeapRate-Dow Jones Forex Industry Report.