On Wednesday, Dutch online broker BUX announced the completion of its acquisition of a Cyprus Investment Firm (CIF). As a result, it obtained regulatory approval to provide financial services in Cyprus.
The move comes after Brexit as the company focuses on continuing its services to European Union clients. The firm has completed the migration of its European Union CFD customers from the UK subsidiary to Europe.
In addition, BUX plans to expand its CFDs trading services within Europe.
New MD Onboard
Bux appointed Jean-Raphael Nahas as the Managing Director of BUX’s CFDs business in Europe. He will oversee all aspects of the company’s Cypriot operations.bix
Nahas commented: “BUX is a well-known and respected name in Europe. With its aggressive plans for expansion, I’m excited to work with the talented team at BUX and take it to the next level.”
Nahas has over 10 years of experience in the financial industry. He joined BUX from Finteractive, where he was the Chief Operating Officer. He has also held executive director and CEO positions at IMS Markets and FX88.
“BUX is excited to add someone with Jean-Raphael’s track record of growing revenue, business development possibilities, and managing operational management to the team,” said BUX’s CFD CEO, Salim Sebbata.
“BUX’s CFD business is in a crucial phase of development as we build on the success of online trading.”