Saxo Bank, the Copenhagen-based online trading and investment specialist is to open a new office in Prague. Last year, the bank doubled its business in the Central and Eastern European markets and describes the launch as a strategic move to strengthen and expand its position as a provider of Forex, stocks, stock derivatives, commodities and bonds in the region.

The bank reported 212 per cent growth in Central and Eastern Europe in 2008, compared with 2007 figures. It intends to grow its client and partner base by offering a more extensive local service and a wider range of investment products.

"Sustainable success is driven by customer focus and the new office, the first in the Central Eastern European region, will enable us to have greater access to clients and partners in the Czech Republic, Slovakia and Poland. While clients will continue to benefit from Saxo Bank’s aggregated Tier-1 liquidity and technology, the new office will enable us to enhance education both through our own products and through increased partnerships with institutional partners," Karol Piovarcsy, who will manage the Prague operation, said in a statement.

"Opening an office in Prague is the next step in our European expansion and international growth strategy. Since 1992, when Saxo Bank was founded, we have watched the Central Eastern European countries grow with remarkable speed and determination.

"The new office will enable us to provide a more comprehensive on-the-ground service to clients and potential clients in the region," said co-chief executive Kim Fournais and Lars Seier Christensen, in the statement.

Saxo Bank is headquartered in Copenhagen with offices in the UK, France, Italy, Switzerland, Spain, Singapore, Australia and Japan.