Saxo Bank, the Copenhagen-headquartered online trading and investment firm, is further expanding its Latin American presence with a new office in Montevideo, Uruguay.

The new office, which is located in the Zonamérica district - the financial and business centre of Uruguay - will operate as Saxo Capital Markets Agente de Valores, serving clients throughout the region. It will be led by Luis Simões Pereira, director of Saxo Capital Markets, Uruguay, who has worked in the financial industry since 1996 and joined Saxo Bank in 2006.

“We've seen a significant and constant increase in trading among Latin American investors, largely due to the improved economic situation and the quick development of technological infrastructure,” said Pereira.

Saxo Bank entered the Latin American market in 2012 with the acquisition of Uruguayan broker NVN Securities, Agente de Valores, which was founded in 2005.