Swissquote acquires another online bank Keytrade Luxembourg

Swissquote acquires another online bank Keytrade Luxembourg

Banking

Swissquote, which last year became the first bank in Luxembourg to open cryptocurrency trading services, aims to increase its national presence

Swissquote, which last year became the first bank in Luxembourg to open cryptocurrency trading services, aims to increase its national presence

Swissquote announced on Tuesday that it had acquired Keynote Bank Luxembourg in a statement

Photo credit: Marc Wilwert / Luxemburger Wort

Online bank Swissquote has acquired fellow online broker Keytrade Bank Luxembourg, the Swiss bank said in a statement on Tuesday.

The operation will see Keytrade, present in Luxembourg since 1999, operate under the Swissquote banner and staff transferred from their current base in Hollerich to Swissquote’s headquarters in the financial district of Kirchberg.

The value of the transaction, which is expected to close in March pending regulatory approval, was not 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 customers are located outside the Grand Duchy and the acquisition would therefore allow the group to “fully develop our business as a domestic player in Luxembourg”.

With more than 450,000 client accounts worldwide and more than 50 billion Swiss francs (47.6 billion euros) in client assets, the Swissquote group entered the Luxembourg market for the first time by acquiring Internaxx Bank in 2019.


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David A. Albanese