Swissquote rocket Keytrade Bank Luxembourg

The company Swissquote, specializing in online brokerage, is continuing its expansion in Europe, by buying the Luxembourg establishment Keytrade Bank Luxembourg, she announced on Wednesday without revealing the amount of the transaction. With this takeover, Swissquote will become the leading online brokerage and investment bank in Luxembourg, the Gland-based company said in a press release. Active in Luxembourg since 1999, Keytrade Bank Luxembourg has 8,200 clients and 1.7 billion euros in assets under deposit.

This buyout will be done through its subsidiary in Luxembourg, specifies Swissquote, which intends to take over most of the staff of Keytrade Bank Luxembourg, without giving details of the workforce. This acquisition, subject to regulatory approval, should be finalized during the first half of the year, according to Swissquote.

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