Interactive Brokers Group announced today that it has established an entity in Ireland to fuel the regional growth. The broker created the new office to serve as a base for the Western European region in response to Brexit.
According to the official press release, the firm received permission from the Central Bank of Ireland for the new entity Interactive Brokers Ireland Limited. Additionally, the company outlined plans to increase its workforce substantially in 2021 to accommodate the growth in the company’s European business.
This year has been a fruitful year for the company in terms of growth as Interactive Brokers established offices in Singapore and Hungary. Now, the company has a total of 11 entities worldwide including the US, Ireland, Hong Kong, Australia, Canada, Hungary, India, Japan, Luxembourg, Singapore and the UK.
Commenting on the recent announcement, Thomas Peterffy, Founder and Chairman of Interactive Brokers, said: “We are expanding to Ireland partly due to Brexit and partly due to our plan of establishing subsidiaries around the world to support our rapid global growth. Client accounts have grown by more than 52% in a year.”
Interactive Brokers has accelerated its efforts to expand in Europe with the recent announcement. Earlier, FortuneZ reported the opening of the company’s Central European office in Budapest. Interactive Brokers has more than 2,000 employees around the world along with more than 1 million client accounts globally. Further, the company mentioned the support received by Ireland’s state agency IDA for its new entity.
“The IDA Ireland, a government agency that promotes Ireland for the opportunities it presents to international companies, has provided invaluable assistance to Interactive Brokers in establishing its Irish office,” Interactive Brokers mentioned in the press release.
Founded in 1997, the company has grown significantly to become one of the preeminent securities firms in the world with over $8.9 billion in equity capital, $25 billion market capital and $284 billion in client equity.