Admiral Markets AS closes the Polish branch at the end of May

Estonian broker Admiral Markets AS announced plans to close the Polish branch on May 31, 2020. However, this does not mean that the popular Admiral is withdrawing from Poland, on the contrary. The details of this decision are described below.

Results better than expected

In 2019, the company recorded great results that exceeded the expectations of the board. The total number of registered customers increased by 20% and the value of deposits by as much as 45%. Despite low market volatility, it was possible to maintain net revenues at the level from the previous year. However, the profit margin deteriorated (down from 39% to 20%) and net profit (down as much as 51%). This is the effect of increased staff and marketing costs in new markets such as Africa, Asia and Canada.

Sergei Bogatenkov, CEO of Admiral Markets AS

Sergei Bogatenkov, CEO of Admiral Markets AS, said:

“The key words to describe 2019 are new markets, a strong team and investments in innovation and IT solutions. The development of large-scale technology has allowed us to provide our clients with an even higher quality of participation in international financial markets and a more personalized interaction with the client. We opened our business in the regions of Africa, Asia and Canada where we want to further increase our presence in the coming years. The company and our employees greatly appreciate that our results are appreciated and noticed. "

Admiral Markets AS has been physically present on the Polish market for over a decade. The Estonian branch will "disappear" on May 31, 2020, but will be replaced at the same time by Admiral Markets Cyprus. Where did this decision come from? All because of" experienced customer - the categorization introduced by the Polish Financial Supervision Authority in August 2019. The Cypriot supervision allows its regulated brokers to offer Polish clients a change of categorization from a retail client to an experienced client, while the Estonian regulator does not. Of course, this will only be possible for Poles who have a Polish residence. This is good news for AM clients, as soon they will be able to apply for a higher leverage on the same terms as in the case of domestic brokers.

Admiral Markets AS results (2019). source: Admiral Markets Group