The online financial trading services provider, Swissquote announced that it has acquired Keytrade Bank Luxembourg today. The recent acquisition was made through Swissquote’s Luxembourg-based subsidiary.
Operating successfully since 1999, Keytrade Bank Luxembourg has a strong presence in the region with approximately 8,200 clients. Moreover, the financial firm has almost EUR 1.7 billion in assets under custody.
Swissquote called the recent acquisition an important step towards its expansion strategy in Europe. According to the financial trading services provider, Swissquote Bank Europe will take over the majority of the employees of Keytrade Bank Luxembourg.
Subject to regulatory approval by the CSSF, the ECB and FINMA, the mentioned transaction is expected to close in H1 of 2022. The purchase price of the deal was not disclosed.
Marc Bürki, the CEO of Swissquote, said: “With the acquisition of Keytrade Bank Luxembourg we will strengthen our European expansion. Moreover, we will continue to develop our service offering to suit the needs of institutional as well as private clients in Luxembourg and the European Union. We will bring together the strengths of both institutions, Swissquote Bank Europe and Keytrade Bank Luxembourg, to become the clear leader in digital investing services in Luxembourg.”
Swissquote in 2021
2021 remained an active year for the multi-asset trading services provider. The company expanded its product offering and launched several new services to meet the growing demand. As a result, the broker reported record numbers for the first half of 2021. The net revenue of Swissquote reached CHF 264.4 million in H1 of 2021, which is 64.5% higher compared to the same period in 2020. In addition, last year, the company signed a three-year sponsorship deal with UEFA.
Regarding the latest acquisition, the company added: “More information about the transaction will be disclosed upon publication of Swissquote’s Full Year 2021 results on 17 March 2022."
