ABN AMRO Stepping Up in Retail Investment with BUX Acquisition

<p>Dutch bank
ABN AMRO has announced an agreement to acquire BUX, a European neobroker
founded in 2013. Under the deal, ABN AMRO will purchase BUX to expand its presence in the retail investment sector and enhance its
digital offerings.</p><p>ABN AMRO to Acquire BUX</p><p>BUX
currently serves over 500,000 clients across eight European markets. The
company brings financial technology, an intuitive platform, and a brand that
resonates with young investors to ABN AMRO. The acquisition will position the
combined entity as the number one platform for new investors in the
Netherlands.</p><p>ABN AMRO
stated the deal supports its ambition to grow across Europe. Annerie
Vreugdenhil, the Chief Commercial Officer, said the acquisition creates "a
unique combination of innovative user-friendliness and financial strength,
stability and expertise." This is seen as a foundation for future
expansion in private investments for both clients and the bank.</p><p>“We believe
that BUX’s speed, agility and drive for innovation, combined with ABN AMRO’s
expertise in personal finance and reputation, is an unparalleled synergy in the
investment sector,” Yorick Naeff, the CEO of BUX, commented.</p><blockquote><p lang="en" dir="ltr">ABN Amro Bank agrees to acquire online broker BUX as the Dutch lender aims to boost its retail investment and digital presence <a href="https://t.co/Mm5pnUgdmO">https://t.co/Mm5pnUgdmO</a></p>— Bloomberg (@business) <a href="https://twitter.com/business/status/1735201902462177352?ref_src=twsrc%5Etfw">December 14, 2023</a></blockquote><p>The deal
does not include BUX's cryptocurrency activities. It builds on an existing
partnership between ABN AMRO and BUX that dates back to 2019. We also heard about the connections between BUX and ABN Amro in 2022, when the neobank hired former ABN executive, <a href="https://www.financemagnates.com/executives/moves/bux-hires-former-abn-executive-niek-van-rens-as-coo/" target="_blank" rel="follow">Niek van Rens</a> as its COO. Also, in October 2023, the company revealed that it plans <a href="https://www.financemagnates.com/forex/bux-is-selling-its-uk-business-as-revenue-shifts-to-eu/" target="_blank" rel="follow">to sell its UK business</a>, as it generates most of its revenue in the EU. At that time, the potential buyer's name was not disclosed, and it is unknown whether it referred to ABN Amro.</p><p>Completion
of the acquisition depends on regulatory approval and is expected in 2024. ABN
AMRO stated the transaction will have a minor impact on its CET1 capital ratio.
The financial terms were not disclosed.</p><p>Recent Rebranding</p><p>Until May, the platform was known as BUX Zero, but a few months ago, it underwent a <a href="https://www.financemagnates.com/forex/news-nuggets-22-may-bux-zero-rebrands-xtb-mena-adds-shares-trading/" target="_blank" rel="follow">rebranding process</a>. Additionally, last year, BUX rebranded its contracts for difference (CFDs) platform <a href="https://www.financemagnates.com/forex/brokers/bux-rebrands-cfds-trading-platform-to-stryk/" target="_blank" rel="follow">to Stryk</a>, previously named BUX X. This move was part of the company's strategy to distinguish the brands of its CFDs platform and its zero-fee trading platform.</p><p>Regarding ABN Amro, we last wrote about the company sometime in the beginning of 2023. At that time, <a href="https://www.financemagnates.com/cryptocurrency/abn-amro-partners-with-fireblocks-to-issue-first-digital-bond/" target="_blank" rel="follow">it announced</a> that it had formed a partnership with Fireblocks to issue its first digital bond.</p>

This article was written by Damian Chmiel at www.financemagnates.com.