Swissquote Buys Luxembourg Lender
In this article (5)
The Swiss digital bank is buying a bank in Luxembourg, in a bid to tackle the wider European market.
Gland, Switzerland-based Swissquote is buying Keytrade Bank in Luxembourg, it said in an emailed statement on Wednesday. Neither bank disclosed the financial details of the deal.
Twenty-three-year-old Keytrade has 1.7 billion euros ($1.9 billion) in client assets. Swissquote will take over a majority of its employees through its European-based bank.
The Swiss bank said Keytrade vaults it to the largest online trading bank in Luxembourg, underpinning its growth plans in Europe. With the acquisition of Keytrade Bank Luxembourg, we will strengthen our European expansion, CEO Mark Buerki said.
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.
The deal is expected to close by mid-year, and Swissquote it would disclose further details when it reported financial results on March 17.
Questions & Answers
Q.What is the main reason Swissquote is buying Keytrade Bank?
What is the main reason Swissquote is buying Keytrade Bank?
Swissquote is acquiring Keytrade Bank to expand its reach into the wider European market. The acquisition is intended to strengthen its European expansion and underpin its growth plans across the continent.
Q.How much in client assets does Keytrade Bank currently manage?
How much in client assets does Keytrade Bank currently manage?
Keytrade Bank currently manages 1.7 billion euros, which is equivalent to 1.9 billion US dollars, in client assets. This figure was disclosed in an emailed statement regarding the acquisition.
Q.When will more financial details about the acquisition be revealed?
When will more financial details about the acquisition be revealed?
Further financial details about the deal are expected to be disclosed on March 17. Swissquote stated it would provide more information when it reports its financial results on that date.
Q.What will happen to Keytrade Bank's employees after the acquisition?
What will happen to Keytrade Bank's employees after the acquisition?
Swissquote plans to take over a majority of Keytrade Bank's existing employees. This will be managed through Swissquote's European-based bank once the acquisition is complete.
Reader pulse
Will this acquisition significantly strengthen Swissquote's EU presence?
22,667 votes so far