Swissquote, the leading Swiss online banking and brokerage firm, has unveiled that it has acquired Luxembourg-based online bank and investment company Internaxx Bank for €27.7 million.
Operating as a fully licensed online international bank since 2001, Internaxx has approximately 12,000 clients.
Unilateral access to the European market
The deal, which still requires regulatory approval, is meant to secure Swissquote an access to European Union markets that its London hub faces losing after Brexit.
“Unrestricted access to the European markets is very important to Swissquote, especially as Brexit draws closer. By acquiring Internaxx, we aim to further consolidate our standing as first choice for international clients (expats) thanks to our specialized services,” said Marc Bürki, CEO of Swissquote Group.
Mr. Bürki added that they need to have strategic options and that Luxembourg is a very good place for these.
“Swissquote has the resources, scale and platforms to accelerate our ambition to provide clients with the broadest range of market-leading products and services. As we integrate the Swissquote family, we will help more expats and international investors to achieve their financial objectives,” said Dave Sparvell, CEO of Internaxx Bank.
Swissquote has chosen Luxembourg to gain access to EU markets because of many reasons – the country is considered to be a tax haven, it’s one of the richest countries in the world, it has a healthy budgetary position etc. Luxembourg is also located in between France and Germany – the first and third largest economies in Europe.
Established in 1996, Swissquote is a reliable, global multi-asset broker and bank offering traders access to over 2 million products. In 2017, it became the first bank in the world to add trading of underlying cryptocurrencies (non-CFD) starting with Bitcoin. To fulfill the needs of their diverse client base, Swissquote Bank has provided its clients with 3 main trading platforms – the MetaTrader 4, MetaTrader 5 and Advanced Trader.