Retail told Finance Magnates on Tuesday that it has opened a new office in Mexico as part of its efforts at expansion in Latin America.
The office is based in Monterrey and will serve as the headquarters for MultiBank LATAM – the group’s Latin American subsidiary.
“It is vital for the success of our business that we put our customers first, to help them achieve their investment and trading goals,” said Jorge Alberto González, the CEO of MultiBank LATAM.
‘’That is why we give all our clients the necessary tools and support they require to make the best trading decision on the forex market.”
MultiBank’s expansion into Latin America comes amidst growing interest in the region.
Though Southeast Asia and parts of Africa have already attracted sizeable interest from the retail industry, Latin America has been largely left alone.
An executive at one major broker that Finance Magnates spoke to said that expanding in the region has been tough.
“For us it’s a total unknown,” said the executive. “We haven’t even tried to do anything there yet because we’ve struggled to find local partners or even understand if there is a market for our products there.”
That MultiBank has been able to do so is impressive.
It also means the broker now has offices in twenty cities around the world, ranging from Barcelona to Sydney and Shanghai to Istanbul.