ABN Amro Announces Acquisition of Dutch Neobroker Bux
ABN Amro, a prominent Dutch bank, is set to acquire neobroker Bux, signaling a major development in the retail investment sector. Stay informed about this strategic move and its potential impact.
ABN Amro, a leading bank in the Netherlands, has announced its plans to acquire Dutch neobroker Bux, marking a significant move in the retail investment space. The financial terms of the acquisition have not been disclosed, but it is expected to bolster ABN Amro's digital offerings and support its expansion across Europe.
Founded in 2013 and headquartered in Amsterdam, Bux has gained prominence for its mobile app that allows users to invest in various companies without incurring commission fees. The neobroker operates in several European markets, including the Netherlands, Germany, Spain, Austria, France, Italy, Ireland, and Belgium.
Bux has attracted substantial investment, with funding exceeding $80 million as of 2021 from prominent backers such as Tencent and Prosus Ventures. ABN Amro's venture capital arm has also contributed to Bux's growth by injecting capital into the company. Furthermore, Bux established a partnership with ABN Amro Clearing Bank in 2019, integrating the bank's technology into its app.
This collaboration enabled Bux to become the first broker in Europe to offer fractional European ETFs in 2022, showcasing the innovative strides made by the neobroker in the investment landscape.
ABN Amro's acquisition of Bux signifies a strategic move to strengthen its position in the retail investment sector, enhance its digital capabilities, and advance its pan-European expansion objectives.
ABN Amro Announces Acquisition of Dutch Neobroker Bux
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