Leading Swiss online banking and brokerage firm Swissquote Group Holding SA (SWX:SQN) announced that it has completed the acquisition of Internaxx Bank in Luxembourg after receiving regulatory approval from the European Central Bank and the CSSF (Commission de Surveillance du Secteur Financier) in Luxembourg.
The €27.7 million purchase price includes goodwill of approximately 25% and is being fully financed from the group’s own funds.
The company said that the acquisition of Luxembourg-based Internaxx – which advertises itself as an investment firm for the expat community – gives Swissquote unrestricted access to the European market. Internaxx clients – mainly international investors and expats wanting an online access to international investments combined with the safety of a European bank – will in the future be able to profit from Swissquote’s even broader range of products and services.
Back in January, Swissquote released an expected growth in earnings and profit of 15% for 2018 as a whole – best annual results in the company’s history.