M I G Investments, the Neuchâtel-based foreign exchange broker, has become the first firm of its kind to obtain a Swiss banking licence, rebranding itself M I G Bank in the process.

“Obtaining the banking licence is a major phase in our planned development. It will allow us, in particular, to diversify our activities by providing brokerage services in precious metals and offer other added value services as well," M I G Bank’s chief executive officer Hisham Mansour said in a statement.

M I G Bank’s licence application was approved by the Swiss government’s Federal Financial Market Supervisory Authority. On 1 April 2009, market legislators ruled that Swiss currency traders are required obtain a banking licence in order to continue their services.