ABN Amro said on Thursday it was buying online brokerage Bux for an undisclosed sum to increase its market presence with younger investors.
The companies said Bux has around 500,000 users in northern Europe. ABN said the acquisition would have a minor impact on its Tier 1 capital ratio.
Bux was one of the first so-called “neo brokers” on the Dutch market, featuring a smartphone interface, small-scale stock trading and zero commission on some orders. It raised $80 million to expand amid the pandemic trading boom from investors including Prosus NV and China’s Tencent.
According to its most recent annual report filed with the Dutch Chamber of Commerce, in 2022 Bux posted a loss of 16.0 million euros ($17.4 million) on revenue of 2.52 million euros.
Dutch business paper FD quoted an ABN Amro executive as saying the bank would discontinue Bux’s cryptocurrency offerings as part of the acquisition.
Source: Reuters.com