Gland/Zurich, 7 August 2018 - Swissquote announced today that it has acquired Luxembourg-based Internaxx Bank S.A., subject to regulatory approval.
The purchase agreement signed with Interactive Investor Limited, which is majority owned by J.C. Flowers & Co., will come into effect following regulatory approvals of the transaction. The EUR 27.7 million purchase price includes goodwill of approximately 25% and is being fully financed from the group's own funds. Swissquote Group's CEO Mark Burki commented "Unrestricted access to the European markets is very important to Swissquote, especially as Brexit draws closer. By acquiring Internaxx, we aim to further consolidate our standing as first choice for international clients (expats) thanks to our specialised services".
Internaxx Bank has been operating internationally as a fully licensed online bank since 2001. It has 12,000 clients with a total of EUR 2 billion assets under custody, with reported revenues for 2017 of EUR 10 million. The bank has been profitable since 2006. According to Swissquote, Internaxx has a range of services and a client relationship approach that are largely compatible with those of Swissquote. The present Internaxx platform will be progressively integrated by Swissquote and the offering complemented with additional Swissquote Bank markets and products. Internaxx Bank CEO Dave Sparvell stated: "Swissquote has the resources, scale and platforms to accelerate our ambition to provide clients with the broadest range of market-leading products and services. As we integrate the Swissquote family, we will help more expats and international investors achieve their financial objectives".
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