June 04, 2019 | AtoZ Markets - MultiBank Group, the California-based global provider of online financial derivatives, has announced acquiring the customers of an of FX and CFDs provider - AETOS Capital Group Pty Ltd in mainland China. What will happen after Multibank Group acquires AETOS China?
Multibank Group new acquisition
AETOS is a global provider of FX and CFDs, giving its clients access to competitive pricing on a wide range of markets. AETOS Capital Group Limited is a subsidiary of AETOS Capital Group, a world-renowned Australian broker with corporate headquarters in Sydney. AETOS Capital Group has entered into the mainland China market for a long time.
After deliberating communication with the Australian financial regulator ASIC and professional advice from various leading law firms, the board of directors of AETOS has decided to cease the provision of financial services to clients residing in mainland China and officially terminate its operation in mainland China in an orderly manner from 15th June 2019.
In order to protect the best interests of the existing clients when liquidating their positions on 15th June, AETOS decided to transfer all of its existing clients in mainland China to MBG Markets, a renowned global brand name owned by MultiBank Group. The previous CEO of AETOS Capital Group Draco Ng will join MultiBank Group as the CEO of the MBG division.
Multibank Group, did not provide any further details regarding the financial terms of the agreement with AETOS China. During one of the interviews, Draco Ng assured, that the transition for the customers will go smoothly and AETOS user will continue to be serviced by the same sales and support team as prior to the transfer. The transfer is scheduled to take place during the weekend after the close of markets on 8th June 2019 (Saturday).
AETOS operations in Australia, UK and other jurisdictions that are not affected will remain unchanged.
The company will continue to adhere to its philosophy of “Fairness, Efficiency, and Intelligence” to maintain a high-quality service to the clients.
AETOS expressed its hope of coming back to the mainland China market in the near future, through the successful application of financial service license from the relevant Chinese authorities.
About Multibank Group in a brief
MultiBank was established in the USA in 2005 and since has evolved into one of the leading global providers of online financial products, with a current paid-up capital of over US $322 million. The company and its subsidiaries are licensed and regulated worldwide through the local authorities including BaFin in Germany, FMA in Austria, CNMV in Spain, FSC in the BVI, ASIC in Australia, CIMA in the Caymans, and RAK in the UAE.
At the moment MultiBank Group is in the process of applying for an FCA license in London. The corporation is also finalizing further expansion in England, Kuwait, Philippines, Indonesia, and Kenya, all of which are envisaged to be operational in 2019.
Multibank Group acquires AETOS China after the establishment of MEX Asset Management in Frankfurt, MEX Wealth Management in the Cayman Islands, MEX Fintech in Hong Kong, MEX Spain in Barcelona, MEX MENA in the UAE and MEX Capital Markets in Mexico.
Think we missed something? Please share with us in the comment box below.
