Admirals surrenders Estonia license as part of restructuring plan
FX brokerage firm Admirals (formerly Admiral Markets) has announced its intention to merge with its Estonian subsidiary, Admirals Markets AS. The anticipated completion of the merger is set for the first half of 2024.
As part of this plan, the company aims to revoke the subsidiary’s investment company license in Estonia, potentially by August 2023. Admirals said the decision to restructure arises from “the fundamental need and strategic decision” to expand its global presence.
“This year, Admirals Group AS plans to restructure the group as of which Admiral Markets AS and Admirals Group AS merge. Hence, Admiral Markets AS intends to withdraw the investment company license granted to Admiral Markets AS in Estonia,” the statement reads.
Admirals Group AS boasts a physical presence in 18 countries through its subsidiaries, which serve clients in over 145 countries.
Despite the ongoing restructuring, Estonia remains a crucial strategic location for Admirals Group. The company reaffirms its commitment to the country by maintaining its headquarters in Tallinn, where it currently employs over 100 professionals. Additionally, Admirals Group’s lending platform, MoneyZen, will remain regulated by the Estonian financial authority.
As a result of these developments, any remaining rights and obligations associated with bonds that have not been repurchased by Admiral within the current offer will be transferred to Admirals Group AS. Admirals Group AS will assume responsibility for servicing these bonds in accordance with the bond conditions until their maturity date. This ensures that bondholders’ interests will continue to be addressed and honored throughout the merger process.
Earlier this month, Admirals opened a new office in Nigeria as part of its growth strategy to solidify its position as a key financial services provider in Africa. The milestone comes less than a year after Admirals SA (PTY) Ltd, an operating subsidiary of Admirals, received regulatory approval to offer CFDs trading to investors in South Africa.
The new entity is headquartered in Cape Town. Acting as an execution dealer, Admirals SA (PTY) Ltd provides both CFDs and stock trading, but it plans to launch additional products in the future under its this South-African license. However, the broker is not allowed to provide investment advice or recommendations regarding CFDs transactions.
The Estonian-based firm, which celebrated its 22nd anniversary in March, described the move as a first stage with plans already in place to increase the scope of its activities in Africa over the coming year.
