Swissquote acquires Keytrade to lead online trading in Luxembourg

Rick Steves

Indeed, Keytrade Bank Luxembourg has built up a strong market position in the country over the years, with around 8,200 clients and EUR 1.7 billion in assets under custody. 

Swissquote Group has acquired Keytrade Bank Luxembourg through its Luxembourg-based subsidiary with the transaction expected to complete in H1 2022.

The strategic move aims to put Swissquote in the lead of online trading and investment banking in Luxembourg as the trading group eyes further moves in Europe.

The clear leader in digital investing services in Luxembourg

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

Indeed, Keytrade Bank Luxembourg has built up a strong market position in the country over the years, with around 8,200 clients and EUR 1.7 billion in assets under custody.

The bank has been operating since 1999 and the majority of its employees will retain their jobs while passing on to Swissquote Bank Europe once the transaction is complete later this year.

Terms of the deal were not disclosed yet, but Swissquote bank will do so once it publishes its Full Year 2021 results on 17 March 2022. The purchase price, however, might not be shared with the public. The acquisition is still subject to regulatory approval by the CSSF, the ECB, and FINMA.

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Swissquote goes further into crypto

The online trading group, which has over three million financial products across all asset classes, namely global stock markets and forex trading, has decided to dive into crypto, namely the trading and custody of digital assets.

Swissquote has recently announced the upcoming launch of its crypto exchange, to go live before June 2022. The venue will feature 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 wants to address this high demand, with its compliance and customer service teams giving full attention to the emerging asset class.

The brokerage firm already allows its clients 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.

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