Swissquote Secures ECB Approval to Complete Internaxx Buyout

Swissquote Group, Switzerland’s provider of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term services, today announced it has completed its previously announced acquisition of Luxembourg-based online bank and investment firm Internaxx Bank S.A.

The deal, which marks Swissquote’s first significant acquisition since its buyout of Swiss forex rival MIG Bank in 2013, has already received the green light from the European Central Bank and the Luxembourg financial regulator the CSSF.

The Swiss firm said that the acquisition, whose value was disclosed at EUR 27.7 million, will enable it unrestricted access to the European market. The agreement also includes goodwill of nearly 25 percent with Swissquote fully financing the transaction internally with its own funds.

In addition, the acquisition in Luxembourg will allow Swissquote to expand its European activities in the Grand Duchy, as part of the group's broader plans to grow internationally.

A hedge against Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term

Internaxx Bank has been operating as a fully licensed online international bank since 2001. Formerly known as TD Direct Investing International, it offers active investing and financial services to a global client base. However, the company portrays itself as an investment firm dedicated primarily to the expat community.

The CEO of Swiss bank Swissquote, Mark Burki, also told Finance Magnates that his company recent takeover is especially important as Brexit draws closer. “The acquisition is primarily of strategic importance for Swissquote, but also to take advantage of growth opportunities, especially in the expatriate business,” Burki elaborated.

Swissquote plans to integrate its broad range of traditional markets and products with the Luxembourg brokerage’s offering to make it available for the clients of both brands.

The company also expects this synergy to further add to its bottom lines in the future. The bank had revenue of CHF 214.5 million ($212.43 million) in 2018, which marked the first time for proceeds to surpass the CHF 200 million figure, as Finance Magnates reported.