Saxo Bank already has an office in Uruguay to serve Latin American retail investors and one in Panama which focuses on institutional business for the Spanish-speaking markets.

The new office will be headed up by Pedro Borges, previously director at the Portuguese financial services firm Orey Financial.

Borges has over 15 years of experience working in the financial markets, with expertise in electronic trading, hedge funds and business development.

“As host to the 2016 Olympics and the 2014 World Cup, Brazil is much more than an emerging market today. It is a booming economy which offers the financial industry access to profitable opportunities. As the largest economy in Latin America it is crucial that Saxo Bank has presence in the local market,” Borges said.