Brokerage group XTB announced on Thursday that it has acquired a license in Chile.
The Warsaw-listed company said that it has received approval to operate under a securities agent license from the Chilean Commission for the Financial Markets.
In a statement, XTB said the license will mean it can offer clients trading in exchange-traded products, like stocks and ETFs, as well as derivatives.
The broker also confirmed that it is setting up its operations and technology to start onboarding clients in Chile in the first half of the year.
“As we consider the retail brokerage market beyond Europe, we recognize the immense potential in Latin America,” said XTB’s CEO Omar Arnaout. “Chile stands out as a key player in XTB’s global growth vision, and I eagerly anticipate welcoming many new clients who will be onboarded under our new license. This development will be crucial in enhancing our competitive position in the region.”
XTB already has a large base of operations in Chile. LinkedIn data suggests the company has almost 100 employees in the country.
When we spoke to Arnaout last year, he highlighted Latin America as one of the broker’s key growth areas, arguing that Chile had the potential to become one of its top 5 company branches.
XTB is also looking to acquire a license in Brazil, a market that has been heavily targeted by brokers over the last couple of years.
The Polish broker has seen huge growth over the last five years. Net profit last year hit a record high of $211.5m and the company onboarded almost 500k new clients.
