ABK Holding JSC, which operates multiple brands in the trading industry, is moving to acquire London-based boutique broker, Cresco Capital Markets (UK) Ltd, known by its tradename CrescoFX, the companies told Finance Magnates exclusively.
ARK Co-Founders, Murat Kutay Yildirim and Gokalp Icer have already conditionally agreed upon the terms of the acquisition deal, which is now pending the UK’s Financial Conduct Authority’s approval. However, the companies did not reveal the financials involved in the deal.
Founded in 2011, CrescoFX termed itself as a ‘boutique broker’ serving both retail and institutional traders. It gained a license from the British financial market regulator in 2017 and is offering trading services with CFDs of forex, commodities, equities and other asset classes.
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Along with the industry-standard MetaTrader trading platform, CrescoFX offers trading on its proprietary Cresco Trader, which provides automatic execution, ‘competitive and reliable’ pricing, and ‘advanced’ risk management tools.
A Strategic Acquisition Deal
Commenting on the acquisition, Yildirim, one of the co-founders of ABK Holding, said: “The acquisition is great timing, the global growth in retail trading is accelerating, and with CrescoFX we are now well-positioned and have the best technology to meet the demands of this fast-growing sector.”
Based in Turkey, ABK has a wide presence in the financial services industry with operations in fintech, insurance, investments, cryptocurrency, consultancy and technology. According to the company, the latest acquisition will complement its existing portfolio of trading solutions, especially multi-asset trading platform, NYFX and crypto exchange, Icrypex.
“We’re delighted to add CrescoFX to our portfolio, the synergy of this platform expands and strengthens our offering to our existing NYFX and Icrypex users,” Icer, the other Co-Founder, added.