Swissquote finalizes acquisition of Luxembourg-based Internaxx Bank
The deal was completed following the receipt of regulatory approval from the European Central Bank and the CSSF in Luxembourg.
Swiss provider of online financial and trading services Swissquote Group Holding SA (SWX:SQN) has earlier today announced the successful completion of the acquisition of Internaxx Bank in Luxembourg.
The deal, which was first announced in August 2018, was finalized after receiving regulatory approval from the European Central Bank and the CSSF (Commission de Surveillance du Secteur Financier) in Luxembourg.
The acquisition of Internaxx gives Swissquote unrestricted access to the EU’s markets and will further increase Swissquote’s standing as the online investment provider of choice for both institutional and retail clients. Internaxx’s service offering will be expanded with a greater range of products and access to new investment platforms.
Let’s recall that Swissquote said it expected the deal to close before the end of the first quarter of 2019 when it reported its financial results for 2018. Total equity increased by 19.3% to CHF 352.2 million. Of this amount, EUR 27.7 million will be withdrawn as a result of the purchase of Internaxx Bank.
In 2018, Swissquote registered pre-tax profit of CHF 53.8 million, up 17.4% from the preceding year, whereas net profit rose by 13.8% year on year to CHF 44.6 million. Operating revenues were up 16.2% from the year before to CHF 225.4 million. Net revenues rose 14.3% reaching CHF 214.5 million. Swissquote explains that (with one exception) all four business areas contributed to the record result.