MIG BANK Increases its Share Capital to CHF 45 Mio Following Solid 2010 Business Results

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MIG BANK, the 1st Forex broker to become a Swiss bank and now the largest bank in Switzerland that is specialized in online Forex, announces that it has increased its capital by CHF 20 Mio - from CHF 25 Mio to CHF 45 Mio.

Further to solid business results and as part of the capital-strengthening plan, the bank decided to increase its share capital to CHF 45 Mio, which will ensure required capital is available to finance important business developments planned.

The current capital increase to CHF 45 Mio followed the solid results and business growth experienced in 2010, which was a year of success in all aspects for the bank.

MIG has entered 2010 with a banking status, which strengthened the confidence of clients leading to an increase in the number of institutional clients, private clients and business partners.

Other key contributors to the growth in business during 2010 included:
-The introduction of spot Gold and Silver
-New currency pairs
-New account currency denominations
-Major improvements in the IT infrastructure allowing order execution in milliseconds
-The launch of mobile and web trading platforms
-Dealing improvements through automated execution at best market price with price improvements.

Trading volumes at MIG BANK rose by 44% in and number of accounts grew by 50% from 2009 to 2010.

“Further to solid business results and as part of the capital-strengthening plan, the bank decided to increase its share capital to CHF 45 Mio, which will ensure required capital is available to finance important business developments planned. One of the main business development areas will be our new CFDs offering following the Securities Dealer License granted to MIG BANK by FINMA. We aim to become the leader in CFD trading, building on the same principles that were used by MIG BANK to become the largest Swiss online FX trading bank and our unique fully transparent dealing model with price improvements will apply to both Forex and CFDs trading. Current capital increase serves to further strengthen clients’ confidence and confidence is capital,” says MIG BANK’s CEO Hisham Mansour.

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