Russian FX dealer PSB-Forex put up for sale
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.
