December 15, 2020 | AtoZ Markets – US trading giant Interactive Brokers Group continues its global expansion. As part of its development strategy, the broker has opened a subsidiary in Hungary called Interactive Brokers Central Europe Zrt (IBCE).
Together with the new branch, the Connecticut-based brokerage will have ten offices around the world. The company has offices in Australia, Canada, Hong Kong, India, Japan, Luxembourg, Singapore, and the UK. Together, they serve over a million client accounts from over 220 countries.
Interactive Brokers opens Budapest office to grow globally
The opening of an office in Budapest comes amid growing demand in the Central European region, the company said. More than 25% of Interactive Brokers' accounts currently come from Europe and Africa, with over 80% of new customers coming from outside the United States.
Interactive Brokers was founded in 1977 by Thomas Peterffy, a Hungarian-American billionaire businessman. Born in Budapest in 1944, Peterffy returns to his homeland nearly 55 years after emigrating to the United States.
“Opening an office in Hungary is part of our strategy to grow globally,” commented Thomas Peterffy, Chairman of Interactive Interactive Brokers.
“We plan to make Budapest the center of our operations in Central Europe to meet the increased demand for brokerage services in Western and Eastern Europe, as well as around the world. We aim to bring knowledge and understanding of capital markets to our future clients throughout Central Europe, ”added Peterffy.
The broker is looking for business opportunities outside the United States, but the company recently agreed to acquire the brokerage business of the trustee Folio Investing to expand its retail client base.
The Interactive Brokers acquisition coincided with the trend of M&A in the industry. Rumors of a possible deal began earlier this year, when Interactive Brokers founder Thomas Peterffy noted that his company was considering buying E-trade. Subsequently, it was decided to abandon the deal.
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