Swissquote acquires fellow online bank Keytrade Luxembourg
Online bank Swissquote has acquired fellow internet broker Keytrade Bank Luxembourg, the Swiss bank announced in a statement on Tuesday.
The deal will see Keytrade, present in Luxembourg since 1999, operating under the Swissquote banner and staff transferring from their current base in Hollerich to Swissquote’s headquarters in the Kirchberg financial district.
The value of the transaction, which is expected to be completed in March pending regulatory approval, has not been disclosed.
Last year Swissquote became the first bank in Luxembourg to launch digital asset and cryptocurrency trading services.
Dave Sparvell, CEO of Swissquote Bank Europe, said the majority of its clients are located outside the Grand Duchy and the acquisition would therefore enable the group to “fully develop our business as a domestic player in Luxembourg”.
With over 450,000 client accounts worldwide, and more than 50 billion Swiss francs (€47.6 billion) in client assets, the Swissquote Group first moved into the Luxembourg market when it took over the Internaxx Bank in 2019.