Larry Levy
Larry Levy

Regional Retail FX perpectives on Central & Eastern Europe

The CEE generally refers to the group of "Central and Eastern European" countries, formerly called the Eastern Bloc during the Cold War. These include Albania, Bosnia and Herzegovinia, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Montenegro, Poland, Romania, Slovakia, Slovenia, Serbia and, though it was never in the communist Eastern Block as such, Turkey. Recently, eForex interviewed Karol Piovarcsy, head of the newly opened Saxo Bank branch office in Prague, and Vladimir Kisyov, Head of Business Development at Deltastock in Sofia, Bulgaria about the growth and prospects from their perspectives for FX in this region.

First Published: e-Forex Magazine 38 / Retail e-FX Client / January, 2010

Local Presence Saxo Bank is clearly looking to take advantage of newly created wealth and disposable income in the CEE region, and it's obvious that having a local office enhances business development in that country and surrounding countries. Deltastock, with its head office in a CEE country (Bulgaria) looks naturally to business in the region and now also elsewhere, having also opened offices in Romania, Spain and the United Kingdom.Of the various CEE countries, both confirm that Poland is the biggest country in terms of customers. This is due to is relative wealth, population size and a relatively high disposable income. Also surprisingly highlighted was Romania as a major market, which Piovarsky mentioned as a growth area and where Deltastock has opened a branch office. Based in Prague, Piovarcsy highlights the local Czech Republic and Slovak Republic markets as customer sources (formerly Czechoslovakia). Both also mentioned the relative wealth of neighbouring Hungary as a valuable source of...continued

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