Russia’s BCS Financial Group gets UK banking licence
The London-based business of BCS Global Markets (BCS GM) has obtained a UK transaction banking licence as it plans to offer an integrated investment banking and payment services solution.
Core functionality will be rolled out next year
BCS GM is the investment banking division of Russia’s BCS Financial Group. The platform will combine various new technologies and will be led by Dr Evgeny Kunts.
Dr. Kunts says this is a “major milestone in the development of BCS Global Payments” and as an authorised payment institution it will offer cash management and payment service solutions to its clients.
BCS GM explains that it is entering transaction banking in response to clients’ growing interest in payments. Core functionality will be rolled out next year, so clients can pay and accept payments from third parties across several currencies.
Dr Kunts joined BCS last year to develop the new service. He has previously worked as CEO of Otkritie Capital International; a director of Otkritie Securities Limited (UK); and as a director of BrokerCreditService (Cyprus).
The integrated solution will be developed with BCS’ existing prime brokerage/custody products. Transaction banking services will be rolled out “gradually” as new technological partnerships are formed.
BCS is making some progress as earlier this year it opened its US office – BCS Americas – and became a registered member of the New York stock exchange.
It also formed a partnership with US investment bank Tigress Financial Partners to give BCS’ clients access to research in US equity markets
BCS Financial Group launched operations in 1995. It has over 140,000 clients, a branch network of roughly 100 offices, and over 3,000 employees. It is the “largest independent securities broker” on the Russian exchange.
