Netherlands-based ABN AMRO Bank has agreed to acquire mobile brokerage company BUX, to strengthen its footprint in the retail investment space and enhance its digital offering.
Established in 2013, BUX has been one of the most rapidly growing neobrokers in Europe, with 500,000 clients, and operations across eight global markets.
With a user-friendly and intuitive platform, and a brand that resonates with the new generation of investors, BUX offers advanced financial technology.
Through the acquisition of BUX, ABN AMRO aims to grow with its clients and fulfil its pan-European growth ambition.
BUX is also enabled to achieve its ambitious long-term scaling and innovation, supported by ABN AMRO’s resources and infrastructure.
The proposed transaction does not include BUX’s cryptocurrency activities.
It is expected to be completed in 2024, subject to regulatory approval and is anticipated to have a minor impact on the Dutch lender’s CET1 capital ratio.
ABN AMRO personal and business banking chief commercial officer Annerie Vreugdenhil said: “It’s a lot more common now for people to start thinking well ahead about their financial future and to take control of it themselves.
“Over the past few years, BUX has excelled in helping clients who want to do exactly this.
“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 (in the private investment domain), both for our clients and for the bank itself.”
The agreement builds on an existing relationship between the two parties, where ABN AMRO’s venture arm, previously known as ABN AMRO Ventures, has invested in BUX.
Also, BUX and ABN AMRO Clearing have been working together since 2019.
Last year, BUX became the first broker in Europe to offer fractional European ETFs in partnership with ABN AMRO Clearing Bank.
The proposed transaction allows ABN AMRO and BUX to strengthen their combined position in the Netherlands.
The two companies will offer a range of investment and savings products, both to new investors and more experienced clients with larger investment portfolios seeking expertise.
BUX CEO Yorick Naeff said: “We’ve always had the ambition to be the leader in Europe’s retail investment arena, and joining forces with ABN AMRO is a crucial stride towards achieving this goal.
“We strongly believe that at BUX, our speed, agility, and relentless drive for innovation, merged with ABN AMRO’s deep expertise in personal finance and decades-long reputation, form a synergy unparalleled in the entire investment sector.
“This powerful combination positions BUX ideally to become a leading investment platform across Europe for everyone looking to grow their wealth for the future.”
