The Swiss derivatives firm clinched a key partnership in Asia, giving a fillip to its efforts to expand in the region as part of a radical revamp.
Leonteq said it began working with Standard Chartered last year to issue and distribute the British bank's structured products in Switzerland, Europe, Hong Kong and Singapore.
«The distribution activities have got off to a good start and we have recorded promising client demand,» Leonteq said in a statement. The move represents a fillip for stand-in Chief Executive Marco Amato, who told finews.asia last month that growing in Asia is his top priority.
The news came alongside Leonteq's return to profit and the conclusion of a dramatic turnaround which has seen the ouster of its co-founder and fintech star Jan Schoch.
Return to Profits
The firm, which has been looking for a permanent Chief Executive since October, when Schoch left acrimoniously, didn't mention the search in its statement, in line with finews.asia's reporting on Monday.
Leonteq's full-year net profit rose 34 percent to 23.1 million Swiss francs, even after a one-time charge of 15.9 million francs. Nevertheless, Leonteq is deciding against a shareholder payout for 2017, electing instead to bolster its capital base as well as reinvest in growth – presumably mainly in Asia.
