CFI Enters Azerbaijani Market with the Acquisition of Brokerage Firm AzFinance

AzFinance, a brokerage regulated by the Central Bank of Azerbaijan, will integrate its services into CFI's trading platform.

The acquired company will reportedly be rebranded under CFI Group by the end of the year.

Online trading firm CFI has made its debut in Azerbaijan with the acquisition of AzFinance İnveŞtisiya Şirkəti, CFI announced today (Monday) on LinkedIn. Following this step, the rebranding of AzFinance to CFI is scheduled for later this year, and according to the company, this acquisition could open new avenues for local and regional traders.

Expansion into Azerbaijan

Established for over 25 years, CFI's entry into Azerbaijan represents its first foray into this emerging market. CFI mentioned that this initiative positions it to benefit from Azerbaijan's location and growing economic growth. AzFinance is a brokerage firm regulated by the Central Bank of Azerbaijan.

Following the acquisition, AzFinance will undergo a rebranding to reflect its new identity under the CFI Group. This transition, scheduled for Q4 2024, also includes the integration of AzFinance's services into CFI's trading platform. It seeks to offer clients a broader range of financial products, including equities, commodities, and currencies.

Commenting about the deal, Hisham Mansour, the Co-founder and Managing Director of CFI, said: "CFI is excited to enter Azerbaijan, a market with vibrant economic potential. This acquisition highlights our dedication to growth and our mission to provide superior trading services."

Ongoing International Expansion

The acquisition of AzFinance is reportedly part of CFI's ongoing international expansion following successful entries into markets such as Egypt, Kuwait, Oman, and Palestine.

In May, CFI expanded its services to South Africa after obtaining a Category 1 Financial Service Provider (FSP) license from the Financial Sector Conduct Authority. Additionally, the company introduced a new subsidiary in Oman after obtaining approval from the Capital Markets Authority. CFI Oman is among the various subsidiaries launched by CFI. The company has also opened a branch in Palestine.

CFI has also expanded in sports sponsorships. The company announced a multi-year partnership with seven-time Formula 1 world champion Lewis Hamilton last month as its new global brand ambassador. In the deal, CFI will reportedly utilize Hamilton’s brand in marketing materials.

financemagnates