By Modupe Gbadeyanka
MultiBank Exchange Group has announced securing the German Financial Regulator’s approval to acquire 100 percent shares of MEX Asset Management GmbH and is now in the process of establishing its European headquarters in Frankfurt, Germany.
The new European headquarter of MultiBank Group in Frankfurt has been planned since early 2017, and will have a particular focus on the DACH countries (Germany, Austria and Switzerland), offering a unique suite of financial services and innovative products.
Commencing early 2017, MultiBank Group has concentrated its efforts and resources to increase its regulatory status and expand into Europe and other jurisdictions.
The regulatory expansion resulted in the addition of new licenses through MEX Asset Management GmbH in Germany (regulated by BaFin), MultiBank FX International in the British Virgin Islands (regulated by the FSC) and MEX Wealth Management Limited in the Cayman Islands (registered with CIMA), making MultiBank Group one of the most regulated online financial derivatives company in the industry.
Given the upcoming Brexit and the forthcoming MIFID 2 regulations going live in January 2018, which is likely to cause substantial changes in Europe’s regulatory environment, particularly the restrictions which will be placed on FCA regulated firms to passport into Europe, the Board of MultiBank Group has resolved to suspend its UK operations and operate its European business through its new European headquarter in Frankfurt, Germany.
Previously, the Group conducted business in the UK through MEX (Europe) Limited, which is ultimately owned by Marcus Cumberland. This business relationship with MEX (Europe) Limited has been terminated.
By establishing its European headquarter in Frankfurt, MultiBank Group is leading the initiative in the forex and asset management markets, and join other financial institutions such as Goldman Sachs, JP Morgan and Morgan Stanley, to shift their operations from the UK to mainland Europe.
In line with its achievements in expansion and product diversification in Europe, MultiBank Group launched its index on the Frankfurt Stock Exchange under the name of MultiBank Index (ISN XS1633062127) in July 2017 at a par value of 1,000 EUR. The MultiBank Index started trading on September 8, 2017 and to date has surged to a value of over 1,155 EUR, producing a phenomenal increase of close to 16%.
Chairman of MultiBank Group, Mr Naser Taher, stated, “Our expansion in Germany, the Cayman Islands and the British Virgin Islands is just the beginning of establishing MultiBank Exchange Group as an absolute market leader in financial regulations, cutting-edge products and innovative financial technology.
“I say this is just the beginning because, in fact, MultiBank Exchange Group is currently in the process of establishing further regulated entities and subsidiaries in the UAE, Spain and Uruguay, in addition, of course, to continued expansion in the DACH countries.”
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