ABN Amro acquires BUX: Merging financial strength with user-friendly platforms for enhanced growth. Read The News.
ABN Amro acquires BUX: Merging financial strength with user-friendly platforms for enhanced growth. Read The News.
ABN Amro, the Amsterdam-based banking group, strategically moves forward by announcing it acquires BUX. A rapidly growing no broker in Europe. The acquisition aims to bolster ABN AMRO’s presence in the retail investment sector and significantly enhance its digital offerings. While the financial details of the deal remain undisclosed, ABN AMRO sees the partnership as a means to solidify its position in the Netherlands and advance its pan-European growth ambitions.
BUX, founded in 2013 and headquartered in Amsterdam, has emerged as a leading no-broker in Europe with 500,000 clients across eight markets. Despite having exited the UK retail trading market earlier this year, BUX maintains a substantial footprint in the industry.Through its acquisition, ABN Amro intends to close BUX’s Cyprus-based CFDs brokerage operation, Stryk, and refund the remaining balances to account holders.
ABN AMRO emphasizes the value BUX brings to the table, citing advanced financial technology, a user-friendly platform, and a brand that resonates with the new generation of investors. The acquisition is positioned to create a powerful combination of innovation and financial strength, providing a foundation for future growth in the private investment domain.
Annerie Vreugdenhil, ABN AMRO’s Chief Commercial Officer of Personal and Business Banking, commented on the acquisition, stating, “Welcoming BUX into the ABN AMRO family will create a unique combination of innovative user-friendliness and financial strength, stability and expertise – a powerful foundation for future growth.”
Yorick Naeff, CEO of BUX, expressed enthusiasm for the collaboration, highlighting the shared ambition to lead Europe’s retail investment arena. The partnership represents a crucial step toward achieving this goal, combining the strengths of speed, agility, and innovation from BUX with ABN AMRO’s expertise in personal finance and established reputation.
The acquisition is part of ABN AMRO’s broader strategy to offer an attractive range of investment and savings products, catering to both new investors exploring the world of investments and experienced clients with larger portfolios. BUX and ABN AMRO have a history of collaboration, with ABN AMRO Ventures being an early investor in BUX and a successful partnership with ABN AMRO Clearing since 2019.
Regulatory authorities will approve and finalize the transaction in 2024. ABN Amro’s acquisition empowers BUX to undergo substantial growth, nurturing long-term scaling, and innovation with the backing of ABN AMRO’s resources and infrastructure. Importantly, the acquisition excludes BUX’s cryptocurrency activities
Also, Stay Updated with us for more news on Broker News.