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Screenshot of a breaking news alert e-mail from Q2 2017
Most MIG Bank employees are relocating to Swisquote’s Gland HQ, clients moved over too.
LeapRate Exclusive… LeapRate has learned that leading Swiss online trading firm Swissquote has formally closed today on its $70 million acquisition of MIG Bank. As both firms are licensed Swiss banks, and are also regulated elsewhere (UK, Hong Kong, and Dubai), receipt of all regulatory approvals to move employees and accounts to Swissquote took some time, but have now been completed.
Many MIG Bank (ex) employees are physically making their way today from MIG’s former headquarters in Lausanne to Swissquote’s main location in Gland, about 35 km around Lake Leman. We’ve learned that Swissquote has decided to keep most MIG Bank employees who wish to move over, helping fuel its rapid growth in both the forex and online equity trading sectors.
Among senior management, most MIG people are leaving, with MIG Bank CEO Hisham Mansour being one of the only to remain with Swissquote. Mansour will assume a senior strategic development role with Swissquote.
Swissquote plans to phase out the MIG Bank brand early in 2014, as ex MIG Bank clients get used to their new online surroundings.
The stock market continues to like the acquisition — Swissquote shares (SWX:SQN) have traded up by 28% in the two and a half months since the Swissquote – MIG Bank deal was announced, and now sit at a 52 week high valuing Swissquote at about CHF 560 million ($625 million).