Exclusive: Global Kapital restructures, transfers GKFX and GKPro ownership to Trive
FNG Exclusive… FNG has learned that Turkey’s Global Kapital Group (GKG) has restructured some of its operations, which includes the transfer of ownership of its main FX brokerage businesses GKFX and GKPro to an Amsterdam based company called Trive Financial.
This marks the second restructuring at GKG / GKFX / GKPro in the last few years. Ahead of Brexit, in 2019 GKG transferred ownership and operation of its GKFX Retail FX and CFDs business to a Malta based subsidiary, AKFX Financial Services Ltd, allowing GKFX to continue to service its EU based retail clients. The group kept its institutional brokerage business in London operated by FCA licensed subsidiary GKFX Financial Services Ltd, and renamed the brand GKPro.
However the current restructuring is apparently for different reasons. The GKG group, controlled by Turkish businessman Kasim Garipoğlu, has made a strategic decision to focus on other sectors of its business (excluding finance) which include real estate investment and hospitality. Mr. Garipoğlu was an investor in Amsterdam based financial services company Trive Financial, and transferred some of his financial investments under this group – including GKFX and GKPro.
The management team at Trive is now led by Chairman and CEO Engin Çubukçu, who was a partner at PwC Türkiye until joining GKG in 2017 to become chairman of its brokerage division. Gokhan Erkiralp, GKG’s Brokerage CEO, is now Managing Director – Investment at Trive. Trive also recruited former CMC Markets’ Head of Europe Niklas Helmreich to become Managing Director of Trive Europe, based in Germany.
It remains unclear at this stage if Trive plans to keep operating its various businesses under different brands (GKFX, GKPro, and Trive’s own branded investment and credit businesses). However the company has already renamed the Malta licensed company ATFX to Trive Financial Services Malta Limited, and the FCA licensed entity in the UK (GKFX Financial Services) was just renamed Trive Financial Services UK Limited.
Also, Trive recently signed a two-year shirt-sponsorship deal with German football club Bayer Leverkusen, which now displays the Trive logo.
FNG reached out to Trive, which provided us with the following comments.
Trive is not a rebranding of existing brands/companies at all. This is actually something that Engin has been working on for the last few years. Trive is a totally new brand that incorporates investment and credit businesses under Trive Financial Holding based in Amsterdam. It has a new strategy, new management, new vision; not only a CFD business. Trive has bought some businesses from GK Group. GK Pro is one of the entities that Trive has bought and will be pursuing B2B business in the UK under the new strategy, being part of the new business.
Trive Financial Holding has been investing in its proprietary multi-asset investment platform which will take the business to a higher level than our competitors. We are committed to be a forerunner in the investment space, becoming one of the top investment platforms.
Trive’s multi-asset platform will be an innovative platform that will bring together complex and sophisticated global investment products in an easy-to-use platform through the application of cutting-edge technology, initially serving investors across Europe. The initial line up of products will comprise US stocks and ETF investment opportunities without commission. Leveraged trading in some asset classes will also be available. It will simplify complex and advanced trades, allowing investors to manage their assets and portfolios through an intuitive and engaging platform accessible by mobile and web. Trive will onboard European customers via its license from the Malta Financial Services Authority (MFSA) but the brand and the platform will grow in terms of product spread and geography.