Exclusive: FxPro building $12M Bahamas complex, launching online bank BankPro
FNG Exclusive… FNG has learned that Cyprus based Retail FX brokerage group FxPro has broken ground on a planned 16,000 square foot, $12 million office building complex in Nassau, The Bahamas.
And for the space, FxPro has plans to soon launch a Bahamas based online banking brand called BankPro, which will be based and licensed in The Bahamas. The company has hired longtime Fidelity Investments executive Andrew Pike to be the CEO of BankPro.
FxPro has purchased a double commercial lot on West Bay Street in the tony Lyford Cay neighborhood of Nassau, with approval to build a 16,000 square foot office building for the sole use of FxPro Group and BankPro Ltd. FxPro was one of the first FX/CFD brokers to get a license from the Securities Commission of The Bahamas, in 2017.
The building design has been completed by N&M architects of Sandyport, Nassau, and the main contractors are the Mosko Group and the Bahamas Environmental Group. The groundbreaking ceremony took place last month on September 21, and was hosted by John Roll, Governor of the Central Bank of the Bahamas, and Christina Roll, Executive Director of the Bahamas Securities Commission, as well as Nick Wright of FxPro Global Markets and Andrew Pike of BankPro Bahamas.
Nick Wright from FxPro commented:
“Having been established in the EU for some years, we initially applied to the Securities Commission back in 2016 and were the first online CFD broker to be granted a license here the following year. Opening an online bank was always a group ambition, and we have been working closely with the Central Bank of The Bahamas, which has now granted us a license in order to achieve this.”
An official launch date of BankPro is expected to be set in early November.
FxPro had earlier dipped its toe in the water when it comes to online banking, launching the BnkPro private banking app in partnership with Currencycloud.