Sucden Financial Broadens Reach With Hamburg Branch Launch
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Sucden Financial has set up a European branch in Hamburg, Germany, because more people in Europe wants its services. The new branch, Sucden Financial Hamburg GmbH, has been approved by Germany’s Federal Financial Supervisory Authority (BaFin) and has Category 4 membership with the London Metal Exchange (LME).
The team is run by Barry Gershon, Christoph Domisch, and Christoph Chopin. At first, the branch will provide LME contracts to clients in the EU and Germany. Later, it may also offer services in commodity trading and currency markets.
The New Branch Will Enhance Services And Assist With Risk Management
Marc Bailey, the Chief Executive Officer of Sucden Financial Limited, stated that the new office in Hamburg is part of the firm’s goal to grow around the world and meet the needs of customers in fast-changing markets. He added that the firm is making effort to use resources to tap into opportunities in Europe
Bailey said the team has used money, ideas, and energy into this step to show the firm wants to make the most of the chances that changing markets bring for its clients. He added that the company appreciates the care and support from many people, including BaFin, in letting trustworthy firms work in this well-regarded international area.
Co-Managing Director of Sucden Financial Hamburg, Christoph Domisch, said Germany has a very high need for industrial metals. He added that this place the Hamburg branch in a good spot to help key metals users, recyclers, and producers in the area.
Barry Gershon, Co-Managing Director, noted that the new branch will help grow the firm’s services, boost liquidity, and assist European clients in managing risks better.
Having being in the financial markets industry for more than 50 years, Sucden Financial operates as an independent unit under the Sucden group.
Earlier, Sucden Financial reported higher income and net assets for 2023, even though its revenue dropped by 13%, according to reports. The firm made a profit of £23.9 million in pre-tax for the year ending December 31, 2023, an increase of 30% from £18.4 million in 2022. Sucden Financial saw its Net assets rise from £160.7 million in 2022 to £168.5 million in 2023.
The Company Plans Further Growth By Adapting To Market Changes
Net revenue slipped to £69.7 million from £79.8 million the year before, showing a tough market environment. The revenue is similar to 2021’s figure of £69.8 million, with a pre-tax income of £18.0 million.
Sucden Financial began as a commodities trading company and has since widened its reach into fixed-income and FX markets. Bailey said the company is in a good position to expand its business in the coming year as it adjusts to market changes and grow its products and systems to open new doors for clients
Last year, according to reports, Sucden teamed up with Intercontinental Exchange, Inc. (ICE), a global tech and data platform.
Through this alliance, Sucden aims to use ICE’s Portfolio Analytics platform to help with pricing, trading, and managing risks quickly. This shows the firm wants to remain active and compete with other top players in a changing market environment.
