24 May, AtoZForex.com Lagos — Following our initial report back in April that Citifx pro-the retail FX wing of Citigroup-was about to sell this part of its business. It has now been confirmed that former rivals, FXCM and Saxo bank will acquire Citi’s client book. FXCM, through its US and UK subsidiaries will acquire Citi’s client accounts, with the exception of its Singaporean operations. Saxo bank, which has long been in partnership with Citifx pro will acquire the Singapore client base.
After the CitiFX pro sale, stakeholders in the deal had these to say:
Drew Niv, CEO of FXCM: “We are dedicated to provide CitiFX Pro customers with the customer service, technology, and security they have come to expect. We feel honored to be chosen by Citibank as the new home for these customers.”
Claus Nielsen, Head of Markets at Saxo Bank A/S: “Saxo Bank has been proud to facilitate trading on CitiFX Pro since 2007. It was a breakthrough initiative for Saxo when we first partnered up with Citi. We are pleased that the partnership has been a great success for both parties and respect that Citi has taken a strategic decision to sell its Margin FX business.”
“We are looking forward to offering the CitiFX Pro clients moving to Saxo not only continuity of service in the full range of currency pairs on the same award-winning platform they are accustomed to, but also to enhancing their client experience by providing investment diversification possibilities via our multi-asset, cross-collateralized, single account offering. The CitiFX Pro clients moving to Saxo will also get access to our new SaxoTraderGO platform, which offers more interactive charting capabilities as well as seamless transition of trading activity between all mobile and desktop devices,” he added.
Citi bank will now join the likes of Deutsche Bank and Barclays Bank in the record books. As these large banks have also had stints in the retail FX brokerage business in the last decade. Deutsche Bank FX commonly abbreviated as dbFX ended up selling its retail wing, to GAIN Capital back in 2011. The transition of the Citifx clients is scheduled to commence by the end of June this year.
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