Saxo Bank, the Copenhagen-headquartered online trading and investment firm, has opened a branch in Istanbul.

The launch of the new Turkish branch, known as Saxo Capital Markets Menkul Değerler, is the result of Saxo’s acquisition of 89.54 per cent of Değer Menkul Değerler (a local broker with a securities licence) in May last year.

Egemen Kaya, formerly based in Denmark as head of emerging markets and the precious metals desk, has been appointed to oversee the new office.

Turkey is seen by many as an attractive market, both among investors and wealth management firms eager to tap the country’s growing wealth. To view an in-depth feature outlining the country’s prospects, click here.

"With the new stock exchange structure, Borsa Istanbul, improving technological infrastructure as well as newly-established single stocks options market, Turkey has begun to demonstrate to the rest of the world its capabilities and investment potential,” Kaya said in a statement.

“Low inflation and interest rates are present in Turkey, and Saxo Bank anticipates an increasing number of Turkish investors to ask for a broader range of international market products such as forex, international stocks, futures and options.”

In another recent expansionary move, in October last year Saxo moved to grow its Latin American footprint with the acquisition of NVN Securities, Agente de Valores, a Uruguayan broker.

Following approval by the authorities in Uruguay, the new firm will operate as Saxo Capital Markets, Agente de Valores, serving clients throughout the region. It will be led by Luis Simões Pereira, who joined Saxo Bank in 2006.

Other areas in which Saxo has expanded overseas since 2006 include Tokyo, Singapore, Hong Kong, London, Zurich, Dubai and Paris.