Interactive Brokers (IBKR) Expands in Central Europe Region
Interactive Brokers Group, Inc. IBKR recently announced the opening of its Budapest office as well as Interactive Brokers Central Europe Zrt. Earlier on Dec 12, Hungary’s Central Bank, Magyar Nemzeti Bank, approved the brokerage license for Interactive Brokers Central Europe Zrt.
Interactive Brokers, which helps clients invest in stocks, derivatives, currencies, bonds and funds, serves more than one million clients across 220 countries and territories. Over the past few years, the company has become one of the foremost securities firms in the world with more than $8.5 billion in equity capital, $23 billion market capital, and $286.7 billion in client equity.
Thomas Peterffy, chairman of Interactive Brokers, said, "Establishing an office in Hungary is part of our continuing trend of opening entities around the world to support our growing global presence. We plan to make Budapest the center of our operations for Central Europe to keep pace with account growth, which has been rapid in both Western and Eastern Europe and around the world."
Notably, at present, more than 25% of the company's business comes in from Europe and Africa. As of Nov 30, 2020, Interactive Brokers’ client accounts have jumped 52% year on year, with more than 80% of growth coming in from outside of the United States.
Further, earlier this month, the company inked a deal to acquire Folio Investments Inc.’s “self-directed” retail brokerage division. The transaction will add nearly 70,000 current Folio Investments’ “self-directed” clients to Interactive Brokers.
With the opening of its new office in Budapest, the company will now be able to cater to the growing number of investors and wealth managers in the rapidly-growing central European region.
Shares of Interactive Brokers have rallied 16.6% over the past year, outperforming the industry's growth of 14.8%.
Currently, Interactive Brokers carries a Zacks Rank #2 (Buy).
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Interactive Brokers Group, Inc. (IBKR) : Free Stock Analysis Report
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