Russian FX dealer PSB-Forex put up for sale

Maria Nikolova

The start price for the company is RUB 149 million (USD 2.27 million), with the parent of PSB-Forex offering for sale 100% of the share capital of the Forex business.

One of the handful of licensed Russian Forex dealers (the official designation of companies offering OTC Forex trading in Russia) has been put up for sale, FinanceFeeds has learnt. According to information published on an electronic auction platform, Promsvyazbank is selling its retail FX subsidiary PSB-Forex.

The notice on the platform says that 100% of the capital of PSB-Forex is offered for sale, with the start price being RUB 149 million (USD 2.27 million). The nominal value is RUB 294,776,142.

The deadline for registering for the auction is March 18, 2020.

The parent company of PSB-Forex has not published an official announcement on its website about the planned sale, nor has it commented on the reasons for such a decision.

In September 2019, the Association of Forex Dealers (AFD), the self-regulatory organization for Russia’s OTC FX sector, announced the sanctioning of PSB-Forex. The company was reprimanded due to its violation of the Internal Standards for conducting checks, the Association said.

PSB-Forex is one of the handful of firms that have Forex dealer licenses in Russia. In December 2018, the Central Bank of Russia took away the licenses of some of the major players in the Russian retail Forex scene, including Alpari, Forex Club and TeleTrade. In its official announcement back then, the Central Bank explained that the licenses of five companies – Forex Club, Alpari Forex, Trustforex, Fix Trade, and TeleTrade Group, were annulled due to violations of the Russian law by the brokers.

The Central Bank of Russia granted Forex dealer license to PSB-Forex, a Promsvyazbank company, back in April 2017. The move was seen to strengthen the presence of Russian banks in the FX market.

Read this next

Digital Assets

Germany-focused DekaBank taps METACO for digital asset custody offering

“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate.”

Technology

Eventus launches AML solution for TradFi and digital asset space

“Firms operating in traditional financial markets and digital assets alike are facing greater challenges than ever to protect themselves from those presenting a risk to their businesses and reputations, along with their standing with government regulators.”

Industry News

Qomply launches direct-to-FCA trade report solution that bypasses ARM

“Certainly, for back-reporting large volumes of data, QomplyDirect removes extra ARM fees by offering the flexibility of sending reports directly to the FCA via a firm’s own infrastructure.”

Executive Moves

BNP Paribas AM appoints Geoff Dailey as Deputy Head of US Equities

“Geoff has more than 20 years’ experience in the industry and as a key, senior member of the team with a strong investment pedigree and leadership profile, he is the natural successor for Pam.”

Retail FX

BUX joins forces with BlackRock for iShares ETFs offering in 7 European countries

“By joining forces with Blackrock, a renowned expert in financial markets and products, we have created a good solution for clients that are overwhelmed by the choice of products and don’t know how and when to start investing. Together, BUX and BlackRock can make a real impact on how Europeans invest and approach their financial future.”

Retail FX

CMC Invest gets in-principle approval to launch shares, ETFs, futures, and options in Singapore

“This announcement is a major milestone and validation for CMC Markets. Our business has been offering CFDs in Singapore since 2007, but the Capital Markets Services Licence for CMSI will allow us to serve our clients with more robust investment products, including shares and ETFs.”

Executive Moves

Eightcap hires ex-IG, ex-StoneX Alex Howard as CEO

“In my first weeks, the priority is to immerse myself in the business, including connecting with the global team, developing a nuanced understanding of strategy and operations, and listening to clients.”

Digital Assets

OneCoin founder Ruja Ignatova is selling penthouse in UK

OneCoin founder Ruja Ignatova, who steered one of the world’s biggest cryptocurrency frauds, is back into the spotlight more than five years after vanishing from the public eye.

Digital Assets

Bitpay taps MoonPay to offer access to +60 cryptocurrencies

Crypto payment service provider Bitpay said it’s partnering with exchange and web3 infrastructure provider MoonPay to provide its users with easier access to buy cryptocurrency instantly.

<