August 7, 2018 / 5:57 AM / a year ago

Swissquote to buy Luxembourg bank Internaxx, gain entry to EU markets

ZURICH (Reuters) - Swissquote (SQN.S) said on Tuesday it will acquire Luxembourg-based Internaxx Bank SA for 27.7 million euros ($32 million), which will help the Swiss online bank gain access to European Union markets.

The purchase from Interactive Investor Ltd, majority controlled by JC Flowers & Co, still requires regulatory approval and will be financed from Swissquote’s funds, the company said.

“Unrestricted access to the European markets is very important to Swissquote, especially as Brexit draws closer,” Chief Executive Marc Buerki said. The deal will expand Swissquote’s ability to serve primarily expatriate customers.

Operating as an online bank since 2001 and profitable since 2006, Internaxx has 12,000 clients, 2 billion euros of assets under custody, and reported a revenue of 10 million euros in 2017.

Reporting by Michael Shields, Editing by Sherry Jacob-Phillips

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