Admirals to Withdraw Its Estonian License Amid Global Restructuring

Admirals Group SA, an Estonia based Retail FX and CFDs broker revealed on Thursday its restructuring plans to merge its Estonian subsidiary Admirals Markets AS with the parent company in the first half of next year. The group intends to withdraw the Estonian subsidiary's investment company license in the second half of this year, presumably in August, to make the plan go ahead.

Admirals explained in the announcement, "The restructuring stems from the fundamental necessity and choice to expand the Group's presence globally, as the Company has substantially positioned itself in new regions during recent years. The on-going change shall have no impact on the existing Group's clients."

It added: "Albeit the restructuring, Estonia remains the Company's strategic location. The Company continues to be headquartered in Tallinn, Estonia with more than 100 employees. As well, MoneyZen, the lending platform owned by the company is regulated by the Estonian financial authority, adding to the presence of Admirals in the country."

Meanwhile, Admiral Markets AS announced the buyback of up to 18,268 Tier 2 bonds issued on 28 December 2017 at a price of EUR 104.53 per bond, totaling approximately EUR 1.91 million. Buyback offer is addressed only to current bond investors of Admiral Markets AS.

Besides, "all rights and obligations related to bonds not sold back to Admiral within this offer will be transferred to Admirals Group AS in the course of the merger, where these will continue to be serviced according to the bond conditions until the maturity date of the bonds", stated in the announcement.

Admirals has targeted the African market for its expansion over the past year. In June 2022, the company received a brokerage license in South Africa​; in December, it had been licensed as a broker in Kenya. This May, Admirals announced the opening of a new office in Nigeria​, cementing its position as a major financial services provider in Africa.