Switzerland-based Swissquote Group has acquired Keytrade Bank Luxembourg through its Luxembourg-based subsidiary.
The deal is expected to complete in the first half of 2022. Swissquote highlighted its plans become the leading online trading and investing bank in Luxembourg and shared strategy in Europe.
Marc Bürki, CEO of Swissquote, said:
Marc Bürki
With the acquisition of Keytrade Bank Luxembourg we will strengthen our European expansion. 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.
We will bring together the strengths of both institutions – Swissquote Bank Europe and Keytrade Bank Luxembourg – to become the clear leader in digital investing services in Luxembourg.
Keytrade Bank Luxembourg was founded in 1999 and since then it has built up a strong market position with around 8,200 clients and €1.7 billion in assets under custody. Swissquote Bank Europe noted that it will take over most of Keytrade Bank Luxembourg’s employees.
The details of the transaction such as price have not been disclosed. The deal is awaiting approval by CSSF, the ECB and FINMA.
