Luxembourg-based Swissquote Bank Europe, a multi-asset online bank, announced that it has acquired fellow Luxembourg-based Keytrade Bank, which offers a comprehensive line of banking and investment services on its online platform. The transaction is expected to close in March 2022.
Swissquote Bank Europe with its technology platform and Keytrade Bank Luxembourg with its ‘strong’ domestic presence aim to become the leader of digital investing services in Luxembourg through this acquisition.
Aim of this acquisition
According to Swissquote, this deal will provide Keytrade Bank Luxembourg clients access to its low prices, digital platforms, and broad investment product offering.
Dave Sparvell, CEO of Swissquote Bank Europe, says, “We are delighted to welcome the customers of Keytrade Bank Luxembourg and also their talented team of employees who will join us at our offices in Kirchberg. This acquisition will mean Swissquote Bank Europe becomes the undisputed regional leader in digital investing, with the largest product range, and the best platforms and pricing.”
Swissquote says it was the first bank in Luxembourg to launch digital asset and cryptocurrency trading services in 2021. Currently, it claims to be the only bank in Luxembourg to provide its clients with the possibility to invest in bitcoin, Ethereum, and over 25 other crypto-currencies.
The acquisition of Keytrade Bank Luxembourg comes at a time when Swissquote is developing its service offering to suit the needs of private and institutional clients in Luxembourg and the European Union, leveraging its digital capabilities, cost-effective execution and custody to support the local financial ecosystem.
Swissquote Bank Europe will also launch options trading in 2022 to supplement its stock trading, fund, ETF, CFDs, digital asset, and Credit Lombard services.
Dave Sparvell adds, “Until now the majority of Swissquote clients were located outside of Luxembourg. With the acquisition of Keytrade Bank Luxembourg, we now have the opportunity to increase the reach of our technology platform and fully develop our business as a domestic player in Luxembourg. The integration will help fuel our expansion into the European Union from our EU base in Luxembourg, one of the few countries in the world with an AAA rating from every major ratings agency, and will provide the Grand-Duchy with the opportunity to further grow its influence in the digital investing sector for retail and institutional clients alike.”
“Invest in your future”
Founded 22 years ago, Keytrade Bank Luxembourg is a bank that specialises in online trading and investing. It holds a banking licence issued by the Commission de Surveillance du Secteur Financier (CSSF) under the authority of the European Central Bank (ECB).
Keytrade Bank Luxembourg SA is a subsidiary of Arkéa Direct Bank SA which has over 900,000 clients and more than €30B of assets under administration in France, Belgium and Luxembourg.
According to Keytrade Bank, “In March 2022, Keytrade Bank Luxembourg accounts will become Swissquote Bank Europe accounts. Users will gain access to new platforms and a broader range of investment products, including new markets such as Tokyo, Hong Kong, Singapore and Sydney, cryptocurrencies, plus derivatives including CFDs and our new options trading service.”
About Swissquote Bank Europe
Swissquote Bank Europe (previously, Internaxx Bank) is an online bank for investors and traders, and has been at the forefront of online investing for over 20 years. It offers a multi-currency investment account and access to international stocks, ETFs, investment funds, and cryptocurrencies, all with the convenience of web and mobile platforms and the support of a client servicing team, also based in Luxembourg.
Some of its other services include Credit Lombard for margin trading, Forex, CFDs, and Smart Portfolios, a managed account solution built with low-cost ETFs. Currently, the bank has over 450,000 client accounts worldwide and has over CHF 50B in client assets.
Swissquote Bank Europe holds a banking licence issued by the Commission de Surveillance du Secteur Financier (CSSF) under the authority of the European Central Bank (ECB). It is a fully-owned entity of Swissquote Group Holding Ltd and is listed on the Swiss stock exchange SIX (symbol: SQN) which also owns Swissquote Bank Ltd, Switzerland’s leading online bank. Swissquote Ltd is authorised and regulated by the Financial Conduct Authority (FCA).
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