ABN AMRO to Buy BUX

ABN AMRO is delighted to have reached an accord to acquire BUX, a rapidly expanding neobroker in Europe. This transaction is intended to reinforce the bank's presence within the retail investment market and significantly bolster its digital services. Since its inception in 2013, BUX has become one of Europe's premier neobrokers, serving 500,000 customers in 8 markets and boasting cutting-edge financial technology, a user-friendly and intuitive platform, and a brand that speaks to a new generation of investors.This acquisition makes ABN AMRO and BUX the top provider of investing services in the Netherlands, and facilitates ABN AMRO's aspirations of expansion across Europe. Annerie Vreugdenhil, the Chief Commercial Officer for Personal & Business Banking at ABN AMRO, is responsible for the bank's commercial activities. Nowadays, people are increasingly looking ahead to secure their financial future and take matters into their own hands. In recent years, BUX has been a leader in supporting consumers with this goal. With BUX joining the ABN AMRO family, an impressive mix of user friendliness, financial stability, and specialist capabilities will be created, serving as an excellent platform for future development for our clients and the bank. Yorick Naeff, the Chief Executive Officer of BUX, is at the helm. Our ambition has always been to be the leader in Europe's retail investment space, and by partnering with ABN AMRO, we are taking a significant step towards realizing that aim. We firmly believe that BUX's speed, agility, and relentless pursuit of innovation, combined with ABN AMRO's extensive knowledge of personal finance and decades-long good standing, create an unrivalled synergy in the investment field. This potent blend places BUX in an ideal spot to become a major European investment platform for those wanting to build their wealth for the long haul. BUX and ABN AMRO offer a captivating selection of investment and savings products that appeal to new investors desiring to expand their knowledge of investments and to experienced clients with expansive investment portfolios who need sage advice to work towards their objectives. By doing so, ABN AMRO is poised to grow alongside their customers in all arenas of their lives. This move is a larger growth investment for BUX, allowing it to expand and evolve in the long-term, with the resourcefulness and architecture of ABN AMRO supporting it. This purchase does not cover BUX's cryptocurrency operations. ABN AMRO and BUX have a long-standing history together. In the past, ABN AMRO Ventures was one of the first companies to invest in BUX. Furthermore, since 2019, ABN AMRO Clearing and BUX have had a successful collaboration that links the bank’s technology to the BUX app. In 2022, the pair created the first-ever platform in Europe that allows investors with limited funds to buy fractions of shares or ETFs. By working together, they were able to develop the required technology to make this a reality. The regulator has to agree to the transaction for it to be completed, with a forecasted completion date of 2024. There is predicted to be an insignificant influence on CET1 capital ratio.

Source: https://medium.com/abn-amro-developer/abn-amro-to-acquire-bux-35a534969b73?source=rss------fintech-5