Swissquote has signed an agreement to buy a competitor based in Luxembourg, an acquisition it hopes will boost its business with clients outside Switzerland.
Swissquote, a Gland-based online bank, will pay 27.7 million euros ($32 million) for Internaxx, an online trader from Luxembourg. The acquisition gives Swissquote access to the European market, Swissquote said on Tuesday.
The purchase price includes goodwill of 25 percent. Swissquote will finance the deal through its own liquidity. Internaxx belongs to Interactive Investors, which in turn is under the control of J.C. Flowers.
Unrestricted European Access
The online bank was founded in 2001 and has 12,000 clients with 2 billion euros in assets. It has been profitable since 2006 and generated revenues of 10 million in 2017. The Internaxx platform will be integrated into Swissquote step by step.
«Unrestricted access to the European markets is very important to Swissquote, especially as Brexit draws closer,» said Swissquote CEO Mark Buerki.
Expat Community
International investors and expats are the main clients of Internaxx. They require an online access to international investments in combination with the security provided by a European bank.
