CFI Financial Group announced on Thursday the acquisition of a local Egyptian brokerage firm 'El Mahrousa,' paving its way for further expansion into the Middle East and East Africa (MENA).
The press release shared with Finance Magnates detailed the acquisition that bolstered CFI's position in the MENA region and strengthened its market share.
"CFI's leading position in MENA is very strategic for us and the acquisition of El Mahrousa in Egypt comes about to solidify our position. The Egyptian market is a key market in the region, and we saw we have to be there physically through a locally regulated company," Hisham Mansour, the Co-Founder and Managing Director of CFI Financial Group, said in a statement.
An Expanding Broker
The offerings of CFI include trading services with forex and contracts for differences (CFDs) of several other popular asset classes. The broker's operations are heavily focused in the Middle East, with its regulated entities in the United Arab Emirates, Jordan and Lebanon. On top of that, the broker is regulated in the United Kingdom, Cyprus and Mauritius.
In addition, the brokerage group witnessed an influx of demand as its trading volume jumped by 94 percent in the first three quarters of the ongoing year. Its customer acquisition rate also improved by 155 percent year-over-year, while the number of active accounts jumped by 80 percent.
Apart from the geographical expansion, CFI strengthened its offerings. The broker has added thousands of new CFDs instruments and new markets on its trading platform in the past 12 months.
Further, CFI signed Pep Guardiola, a former Spanish footballer and the present English football club Manchester City coach, as the global brand ambassador. While sports sponsorships are common in the trading industry, CFI is one of the few who directly contract football personalities for marketing and promotions.
Meanwhile, CFI had a few shuffles in its top management. Loukia Christoforou joined the broker group in June as the Head of Project Management, while Chirine Daoud became the new Marketing Director. Furthermore, it named Stelios Thrasyvoulou as the Chief Technology Officer. However, its Group COO, Demetrios Zamboglou, left the company to join Doto as Group CEO.
