ABN Amro to acquire neobroker BUX
ABN Amro is acquiring BUX, one of Europe’s rapidly growing investment apps, the bank announced. The acquisition will strengthen ABN Amro’s footprint in the retail investment space and contribute to its pan-European growth ambition. The bank did not mention the amounts involved in the acquisition.
According to ABN Amro, BUX is one of Europe’s leading neobrokers, with 500,000 clients across eight markets. “BUX brings advanced financial technology, a user-friendly and intuitive platform, and a brand that strongly resonates with the new generation of investors,” the bank said. Together, ABN Amro and Bux will offer a range of investment and savings products aimed at new investors who want to explore the space and more experienced clients looking for expertise to help grow their wealth.
“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,” said ABN Amro CCO Annerie Vreugdenhil. “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.”
BUX is also excited by the deal, 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.”
The applicable regulators still have to approve the transaction. ABN Amro hopes to finalize it during the course of next year.
