The office will act as a broker boutique and offer a range of exchanges and instruments through the bank’s platform.

Saxo points to encouraging developments in Russia this year, such as retail sales growth accelerating in August reaching 7.8 per cent year-on-year, falling unemployment and real wage growth of 3.9 per cent year-on-year. The bank says that consumers' increasing maturity and sophistication has increased the high net worth market and stimulated these investors' risk appetite and desire for better returns.

The office will be led by newly-appointed chief operating officer, Igor Dombrovan. "The Russian retail market has demonstrated solid growth rates over the last several years, making the sector one of the most actively developing markets in the economy," he said in a statement.

At the end of August, Saxo Bank announced it had a new major shareholder in the shape of TPG Capital, which acquired a 30 per cent stake in the firm for an undisclosed sum. Texas-headquartered TPG bought its stake from, among others, General Atlantic, the global growth equity firm, and Banco Espirito Santo, the Portuguese bank.