Copenhagen-headquartered Saxo Bank, the online trading and investment firm, has launched an office in Cyprus to provide Cypriot investors with access to international financial markets.

Vitali Boutbaey has been appointed head of the new Limassol office, which will cover Central and Eastern Europe. Boutbaey remains responsible for all Central and Eastern European activities within the bank.

Since joining the EU in 2004, Cyprus has been regarded as an appealing place by many high net worth individuals owing to its “attractive conditions for capital markets participants,” the bank said.

Moreover, Cyprus has built “strong relationships” with countries including Russia - one of Saxo's biggest markets - and is thus emerging as an ideal place for European banks to establish a presence, it continued.

Last month, the bank launched its new platform in the UK for mid- and long-term self-directed investors, known as Modern Wealth Management.

Saxo Bank also has offices throughout Europe, Asia, the Middle East, Latin America and Australia.