Swissquote to buy Luxembourg bank Internaxx, gain entry to EU markets

Swissquote Holding SA

07/08/2018 06:47

ZURICH, Aug 7 (Reuters) - Swissquote  SQN.S  said on Tuesday
it will acquire Luxembourg-based Internaxx Bank SA for 27.7
million euros ($32 million), which will help the Swiss online
bank gain access to European Union markets.
    The purchase from Interactive Investor Ltd, majority
controlled by JC Flowers & Co, still requires regulatory
approval and will be financed from Swissquote's funds, the
company said. 
    "Unrestricted access to the European markets is very
important to Swissquote, especially as Brexit draws closer,"
Chief Executive Marc Buerki said. The deal will expand
Swissquote's ability to serve primarily expatriate customers. 
    Operating as an online bank since 2001 and profitable since
2006, Internaxx has 12,000 clients, 2 billion euros of assets
under custody, and reported a revenue of 10 million euros in
2017.    
    
    ($1 = 0.8654 euros)

 (Reporting by Michael Shields, Editing by Sherry
Jacob-Phillips)
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