FXCM Inc. (NYSE:FXCM), a leading online provider of foreign exchange (FX) trading and related services, today announced that it has completed its sale of FXCM Securities Limited., ("FXCM Securities") to AS Expobank ("Expobank"). This is a non-material disposition of one of FXCM's non-core assets. At this time the purchase price has not been disclosed.
FXCM Securities was FXCM's brokerage specializing in exchange traded equities, futures, and options, which was acquired back in 2010 with FXCM's acquisition of ODL Group Limited. Rebranded as Walbrook Capital Markets, it will continue to operate as an FCA-regulated business from its current offices in The City of London.
AS 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.
Ilya Mitelman, Chairman of the Management Board of AS Expobank said: “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.”
About FXCM Inc.
FXCM Inc. (NYSE:FXCM) is a leading provider of online foreign exchange (forex) trading, CFD trading, spread betting and related services.
Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on forex trading and provides free news and market research through DailyFX.com.