Swissquote to acquire KeyTrade Bank to expand European footprinf

Marc Bürki,  CEO of Swissquote.

Swissquote Group is to acquire Keytrade Bank Luxembourg through its Luxembourg-based subsidiary for an undisclosed sum.

“With the acquisition of Keytrade Bank Luxembourg we will strengthen our European expansion,” says Marc Bürki,  CEO of Swissquote. ” Moreover, we will continue to develop our service offering to suit the eds needs of institutional as well as private clients in Luxembourg and the European Union.”

He adds, “We will bring together the strengths of both institutions – Swissquote Bank Europe and Keytrade Bank Luxembourg – to become the clear leader in digital investing services in Luxembourg.

The deal is expected to close in the first half pending regulatory approvals.

The company said  Keytrade Bank Luxembourg has been operating in the Duchy since 1999 and has built up a strong market position with around 8,200 clients and €1.7 billion in assets under custody.

Swissquote Bank Europe will take over the majority of the employees of Keytrade Bank Luxembourg.

Swissquote itself has over three million financial products across all asset classes, namely global stock markets and forex trading,

Part of its ambitious  growth plans also include the launch of a crypto exchange by June this year. which will add stablecoins and staking services, to its cyrpto currency offering.

The brokerage firm already allows its clients to trade contracts for difference (CFDs) on 24 cryptocurrencies: Bitcoin, ethereum, litecoin, XRP, bitcoin cash, chainlink, ethereum classic, EOS, stellar, tezos, augur, ox, cardano, uniswap, aave, cosmos, algorand, filecoin, maker, compound, year.finance, dogecoin, polkadot and solana.

©Markets Media Europe 2021

 

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