Leading Swiss online brokerage and banking firm Swissquote (SWX:SQN) has announced that it is acquiring online broker Keytrade Bank Luxembourg.

The transaction is expected to complete in the first half of 2022. The parties have agreed not to disclose the purchase price.

With this acquisition, Swissquote said that it will become the leading online trading and investing bank in Luxembourg and confirms its ambitious strategy in Europe. This actually marks Swissquote’s second acquisition in as many years in Luxembourg, with the company acquiring online broker Internaxx for $32 million in 2020. Internaxx, a popular trading destination for European based expats, has since been rebranded as Swissquote Bank Europe.

Marc Bürki, CEO of Swissquote, says:

“With the acquisition of Keytrade Bank Luxembourg we will strengthen our European expansion. 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. We will bring together the strengths of both institutions – Swissquote Bank Europe and Keytrade Bank Luxembourg – to become the clear leader in digital investing services in Luxembourg.”

Keytrade Bank Luxembourg has been operating in Luxembourg since 1999 and has built up a strong market position with around 8,200 clients and EUR 1.7 billion in assets under custody. Swissquote Bank Europe will take over the majority of the employees of Keytrade Bank Luxembourg.

The acquisition of Keytrade Bank Luxembourg by Swissquote Bank Europe is subject to regulatory approval by the CSSF, the ECB and FINMA. The transaction is expected to close in the first half of 2022. More information about the transaction will be disclosed upon publication of Swissquote’s Full Year 2021 results on 17 March 2022.