In fact, Keytrade Bank Luxembourg has built a strong market position in the country over the years with around 8,200 customers and assets under custody of 1.7 billion euros.
The Swissquote Group has acquired Keytrade Bank Luxembourg through its Luxembourg-based subsidiary, with the transaction expected to close in the first half of 2022.
The strategic move aims to bring Swissquote to the forefront of online trading and investment banking in Luxembourg, while the trading group plans further moves in Europe.
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The clear market leader for digital investment services in Luxembourg
Marc Bürki, Chief Executive Officer of Swissquote, commented: “With the takeover of Keytrade Bank Luxembourg, we are strengthening our European expansion. In addition, we will continue to tailor our range of services to the needs of institutional and private customers
Luxembourg and the European Union. We will combine the strengths of both institutions – Swissquote Bank Europe and Keytrade Bank Luxembourg – in order to become the clear market leader for digital investment services in Luxembourg. “
In fact, Keytrade Bank Luxembourg has built a strong market position in the country over the years with around 8,200 customers and assets under custody of 1.7 billion euros.
The bank has been in operation since 1999 and the majority of its employees will keep their jobs and move to Swissquote Bank Europe upon completion of the transaction later this year.
The terms of the transaction have not yet been announced, but Swissquote Bank will do so once it releases its full-year 2021 results on March 17, 2022. However, the purchase price may not be publicly disclosed. The takeover still requires official approval from the CSSF, the ECB and FINMA.
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Swissquote goes further in crypto
The online trading group, which offers over three million financial products across all asset classes namely global stock markets and forex trading, has chosen to dive into crypto, which is the trading and custody of digital assets.
Swissquote recently announced the upcoming launch of its crypto exchange, which should go live before June 2022. The venue will add stablecoins and staking services, which are currently in high demand, to the list of cryptocurrency offerings.
The crypto rush has taken over the markets and Swissquote aims to meet this high demand by giving its compliance and customer service teams full attention to the emerging asset class.
The brokerage company already enables its customers to trade 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.
