The Swiss digital bank is buying a bank in Luxembourg, in a bid to tackle the wider European market.
Gland, Switzerland-based Swissquote is buying Keytrade Bank in Luxembourg, it said in an emailed statement on Wednesday. Neither bank disclosed the financial details of the deal.
Twenty-three-year-old Keytrade has 1.7 billion euros ($1.9 billion) in client assets. Swissquote will take over a majority of its employees through its European-based bank.
The Swiss bank said Keytrade vaults it to the largest online trading bank in Luxembourg, underpinning its growth plans in Europe. With the acquisition of Keytrade Bank Luxembourg, we will strengthen our European expansion, CEO Mark Buerki said.
Moreover, we will continue to develop our service offering to suit the needs of institutional as well as private clients in Luxembourg and the European Union.
The deal is expected to close by mid-year, and Swissquote it would disclose further details when it reported financial results on March 17.