Denmark’s Saxo Bank is investigating the possibility of adding the Egyptian Exchange to the list of global stock markets for which the bank allows stock trading by the end of 2015, according to Mohamed El Masry, Development Manager of the Saxo Bank in the Middle East.
The Middle East represents 15% of total stock dealings that take place through Saxo Bank, according to El Masry.
Masry believes that the Egyptian Exchange has a promising future in light of the political stability that lies ahead.
The bank offers stock trading for 80 global markets through an online platform.
“Saxo Bank performs all operations online and focuses on global financial market trade using all tools, including Forex, stocks, commodities, energy, precious metals and traded funds,” said El Masry.
He added that the bank not only offers online financial services to individual investors, but also to broker consultants and other financial institutions.
Total Saxo Bank deposits amount to $60m, according to El Masry.
Saxo Bank profits reached a peak in 2010 at over DKK 600m, but had declined to less than DKK 100m in 2012. The figure rose again to DKK 280m by the end of last year, El Masry said.
Europe and the United States represent 70% of trade that takes place through the bank, he added.
El Masry believes that forex markets suffer from lack of awareness in Egypt, which has prompted the bank to set up training workshops over the coming months to introduce forex dealers and encourage trade with Saxo Bank.
Source: The Daily News Egypt