Admirals withdraws licenses in Estonia as part of upcoming restructuring
Admirals withdraws licenses in Estonia as part of upcoming restructuring
Investment company Admiral Markets AS has announced that between May 23 and June 2, 2023, it will buy back 18,268 Tier 2 bonds at a price of €104.53, issued on December 28, 2017 and maturing on December 28, 2027. The value date of the bond transaction will be June 7, 2023, or its closest equivalent.
The reason for this decision was Admirals Group AS' plan to restructure the company in order to expand its global presence. As part of this plan, the holding companies Admiral Markets AS and Admirals Group AS will merge.
For this purpose, Admiral Markets AS intends to withdraw the license issued by the Estonian Financial Supervisory Authority in the European Union and the European Economic Area, which is held by Admirals Group, reports Yahoo! Finance.
Despite the upcoming restructuring and expansion of its global presence, Admirals will maintain its office in Estonia as its main base. In addition, the company's lending platform, MoneyZen, which is regulated by the Estonian Financial Supervisory Authority, will continue to operate, strengthening the company's presence in the country.
Admiral Markets AS is expected to have its license withdrawn in the second half of 2023, and its merger with Admirals Group AS will be completed in the first half of 2024.
All bonds that holders have not sold to Admiral Markets AS as part of this offer will be transferred to Admirals Group AS after the merger, where they will continue to be serviced according to their previously established terms until their maturity date.
Admirals was established in Estonia in 2001. Its main advantages are its client-oriented approach and high quality service. Currently, Admirals operates in more than 40 countries around the world with a turnover of up to 40 billion dollars. The broker has won many prestigious titles and awards.
Earlier it was reported that Admirals has appointed Matteo Paganini as the new Regional Revenue Officer of the company.
