Exclusive FNG… FCA-licensed London-based Retail FX and CFDs broker TeraFX is rebranding as Gildencrest Capital, FNG has learned. The official rebranding takes effect tomorrow, February 1, 2024.
The name of the FCA licensed company managing the brand is also changing in parallel, from Tera Europe Limited to Gildencrest Capital Limited. The new website will be gildencrestcapital.co.uk. It is not yet clear if the team will completely retire the current terafx.com website.
Tera Europe / Gildencrest is a subsidiary of Tera Financial Holdings Ltd and ultimately the Turkish investment company Tera Yatirim. Tera Yatirim is controlled by Turkish businessman and former politician Oğuz Tezmen and his son Emre Tezmen. The Tezmens control the Turkish investment bank Tera Yatirim with more than 80%. Tera Europe Ltd has been licensed by the FCA since 2012 and the group also holds a Dubai DFSA licence. Oğuz Tezmen was Turkey’s transport minister in the mid-1990s.
In 2021, the group hired former Renaissance Capital and Goldman Sachs executive David George as managing director of the UK entity in London.
In the most recently reported year (2022), TeraFX generated revenues of £5.0m, making a net profit of £1.5m. The broker saw a total trading volume of 18.9 billion pounds in 2022, or about $2 billion per month.
The company has sent the following note to customers about the changes:
Dear valued customers,
We hope this message finds you well. We would like to inform you about a recent update about our company.
Effective February 1, 2024, Tera Europe Limited has officially changed its name to Gildencrest Capital Limited.
Please note that the only thing that has changed is our name, our team remains committed to providing you with the same high quality service that you have been receiving. There is no effect on your account information, login credentials or any other aspect of your relationship with us. Your account numbers, login details and all other relevant information remain unchanged.
We appreciate your continued trust and support. If you have any questions or concerns regarding this name change, please do not hesitate to contact our customer support team at customersupport@gildencrest.co.uk.
Thank you for being a valued customer.
Best Regards,
Gildencrest Capital Limited