MIG Bank launches subsidiary in Hong Kong under MIG Capital Asia

MIG Bank has launched a subsidiary in Hong Kong called MIG Capital Asia, in a bid to extend its footprint in the region.

While the bank set up a representative office in Hong Kong a year ago, the subsidiary formalises a presence in the city, say officials. Specifically, it is aimed at taking advantage of the growing demand for foreign exchange trading in the region, says MIG Bank chief executive Hisham Mansour in Lausanne, Switzerland.

"This is part of a strategic development plan that will allow us to further improve the scope and quality of our services to our rapidly growing network of customers and partners in Asia. The new office will play a key role in our expansion plans for Asia, strengthening our presence there and increasing our market share in the region," says Mansour.

The new office is headed by Brian Tsui, who joins as chief executive, having previously worked at MF Global in Hong Kong in business development for Asia. Tsui oversees a team of 12.

MIG Capital Asia is licensed by the Hong Kong Securities and Futures Commission, and offers foreign exchange and precious metals trading. Its launch comes just over a year after the launch of MIG Capital in London in May last year, which is targeting rapid growth in eastern and southern European retail trading.