Swissquote acquires Luxembourg Bank Internaxx

HakuNoburu | August 7, 2018 | 0 | Economy

In order to secure access to the European market for Brexit, Swissquote online bank today announced the acquisition of Internaxx in the Grand Duchy. The price of the transaction amounts to 27.7 million euros.

The reorganization of the banks due to Brexit continues. Swissquote, the online bank in canton vaud, announced Tuesday the purchase of the bank Internaxx in Luxembourg (formerly known as TD Direct Investing International).

“Unrestricted access to the European market is of particular importance for our group, especially in the perspective of Brexit”, confirmed Marc Bürki, CEO of Swissquote, in a statement. “By buying back Internaxx, we intend to further strengthen our position of first choice for international clients (expatriates).»
Further disengagement of JC Flowers in Luxembourg

The Internaxx online bank, which claims approximately 12,000 customers and 2 billion euros in assets under deposit, generated a turnover of 10 million euros in 2017 (workforce not disclosed). The price of the transaction – which will be “entirely” financed by the Group’s own funds – amounts to EUR 27.7 million.

Internaxx was previously owned by Interactive Investor Limited, which is majority-owned by JC Flowers. The latter recently sold his shares in OneLife to the Frenchman Apicil. Whether it is a bank or a life insurance company, This American-British Fund also carries out a reorganisation of its activities within the framework of the Brexit.

This information can also be found in our colleagues in Delano.