The Middle East and North Africa (MENA) division of Saxo Bank has strengthened its top management with the appointment of Tara Tyan as the Chief Operating Officer. The appointment came as an internal promotion, as she has been a part of the broker for about the past six years.

“Excited to share that I've recently taken on a new role as Chief Operating Officer at Saxo Bank MENA!” Tyan wrote in her announcement on LinkedIn. “I'm thrilled to embrace this new step in my career and take on new challenges.”

Climbing the Corporate Ladder

Before the latest role, Tyan was the Regional Lead of Marketing for Denmark-headquartered broke, based in its Dubai office. She joined the broker in July 2018. According to her LinkedIn profile, she served as the Interim Global Head of Go-to-Market at the Copenhagen office of Saxo Bank between June 2022 and October 2022. Recently, she was the Head of Go-to-Market for MENA, UK & Switzerland at Saxo Bank for a brief period of eight months.

Tyan has extensive experience working for forex and contracts for differences (CFDs) brokers, even before joining Saxo. In June 2013, she entered the industry through the role of Regional Marketing Manager at Easy Forex where she spent a year. She was also the Global Events Manager at FXPro for ten months and also a Senior Marketing Manager at Equiti for six months.

Between her tenure at FxPro and Equiti, she served at Saxo for about a couple of years as the Marketing Manager for MENA. Other companies she worked at include Hansgrohe and JM Financial Services.

Profits Taking a Hit

Earlier, Finance Magnates reported that Saxo closed 2023 with a net profit of DKK 260 million, generated on an operating income of DKK 4.48 billion, which increased from DKK 4.45 billion in the previous year. However, the profit took a hit and decreased from the previous year’s figures of DKK 711 million.

Justifying the drop in profits, Saxo Bank highlighted that the realized net profit of DKK 653 million was “adjusted for a write-down of software of DKK 299 million, net tax, and a negative impact of DKK 94 million from the divestment of the joint venture Saxo Geely Tech Holding A/S (Saxo Fintech).”