With the Brexit deadline looming, the acquisition will give Swissquote unrestricted access to European markets.
Swissquote, a Switzerland based banking group, announced on Tuesday that it has acquired Luxembourg-based Internaxx Bank S.A. The acquisition will allow Swissquote to have unrestricted access to the European market.
Swissquote signed the deal with Interactive Investor Limited, an Online Trading and investment platform which is majority controlled by J.C. Flowers & Co. The agreement will come into effect following regulatory approval.
The agreement is worth EUR 27.7 million and it includes goodwill of approximately 25 percent. The Swiss banking group is fully financing the purchase with its own funds.
“Unrestricted access to the European markets is very important to Swissquote, especially as Brexit draws closer," CEO Marc Bürki commented on the acquisition.
"By acquiring Internaxx, we aim to further consolidate our standing as first choice for international clients (expats) thanks to our specialized services,” he added.
Internaxx has been operating as a fully licensed online international bank since 2001. It has approximately 12,000 clients which are mainly international investors and expats.
The bank's clients have typically joined the Luxembourg bank because they are wanting online access to international investments, whilst at the same time, have the security of using a European Bank. According to the statement, the bank’s clients will have access to Swissquote’s range of products and services in the future.
"Swissquote has the resources, scale and platforms to accelerate our ambition to provide clients with the broadest range of market-leading products and services," Dave Sparvell, the CEO of Internaxx, added.
"As we integrate the Swissquote family, we will help more expats and international investors achieve their financial objectives," he said.
Swissquote is preparing for Brexit
With the Brexit deadline less than a year away many banks and financial firms that are based in London or the United Kingdom are looking to expand and separate their European operations into European Union (EU) countries. This is so they can continue offering their services in the EU should a “hard Brexit” deal come into effect at the end of March next year.
Because of this, it is not a surprise that Swissquote has chosen Luxembourg as its country of choice to gain access to EU markets. There are a variety of reasons for this - the country is considered to be a tax haven, it is one of the world’s wealthiest countries, it has a healthy budgetary position and has one of the highest current account surpluses as a share of GDP. The country is also the second largest investment fund centre in the world after the United States.
Luxembourg is also conveniently located in between Germany and France - the first and third largest economies in Europe. As a result, Swissquote is not alone in creating ties in Luxembourg ahead of Brexit. In fact, many firms are relocating their European operations to the country. Earlier this year, Finance Magnates reported that T Rowe Price, an asset management firm, is moving its European operations over to Luxembourg.
Swissquote, a Switzerland based banking group, announced on Tuesday that it has acquired Luxembourg-based Internaxx Bank S.A. The acquisition will allow Swissquote to have unrestricted access to the European market.
Swissquote signed the deal with Interactive Investor Limited, an Online Trading and investment platform which is majority controlled by J.C. Flowers & Co. The agreement will come into effect following regulatory approval.
The agreement is worth EUR 27.7 million and it includes goodwill of approximately 25 percent. The Swiss banking group is fully financing the purchase with its own funds.
“Unrestricted access to the European markets is very important to Swissquote, especially as Brexit draws closer," CEO Marc Bürki commented on the acquisition.
"By acquiring Internaxx, we aim to further consolidate our standing as first choice for international clients (expats) thanks to our specialized services,” he added.
Internaxx has been operating as a fully licensed online international bank since 2001. It has approximately 12,000 clients which are mainly international investors and expats.
The bank's clients have typically joined the Luxembourg bank because they are wanting online access to international investments, whilst at the same time, have the security of using a European Bank. According to the statement, the bank’s clients will have access to Swissquote’s range of products and services in the future.
"Swissquote has the resources, scale and platforms to accelerate our ambition to provide clients with the broadest range of market-leading products and services," Dave Sparvell, the CEO of Internaxx, added.
"As we integrate the Swissquote family, we will help more expats and international investors achieve their financial objectives," he said.
Swissquote is preparing for Brexit
With the Brexit deadline less than a year away many banks and financial firms that are based in London or the United Kingdom are looking to expand and separate their European operations into European Union (EU) countries. This is so they can continue offering their services in the EU should a “hard Brexit” deal come into effect at the end of March next year.
Because of this, it is not a surprise that Swissquote has chosen Luxembourg as its country of choice to gain access to EU markets. There are a variety of reasons for this - the country is considered to be a tax haven, it is one of the world’s wealthiest countries, it has a healthy budgetary position and has one of the highest current account surpluses as a share of GDP. The country is also the second largest investment fund centre in the world after the United States.
Luxembourg is also conveniently located in between Germany and France - the first and third largest economies in Europe. As a result, Swissquote is not alone in creating ties in Luxembourg ahead of Brexit. In fact, many firms are relocating their European operations to the country. Earlier this year, Finance Magnates reported that T Rowe Price, an asset management firm, is moving its European operations over to Luxembourg.
58% of UK Investors Choose Professional Guidance over 'Finfluencers’
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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