ABN Amro is set to acquire European neobroker Bux, enhancing its presence in the retail investment sector.
BUX allows its 500,000 users to invest in fractional shares, ETFs, and cryptocurrencies, or to automate their investing with a BUX Savings Plan. The neobroker operates in several countries, including the Netherlands, Belgium, France, Germany, Spain, Italy, Austria, and Ireland.
This acquisition follows a challenging year for BUX, marked by the abandonment of a potential €100 million buyout by N26, which resulted in layoffs and a withdrawal from the UK market.
As an early investor in BUX, ABN Amro has been involved in developing the firm’s fractional ETP trading technology through its relationship with ABN Amro Clearing Bank.
Annerie Vreugdenhil, ABN Amro’s Chief Commercial Officer for Personal & Business Banking, commented on the acquisition, stating, “It’s increasingly common for individuals to think ahead about their financial future and take control. Over the past few years, BUX has excelled in supporting clients who seek this. Integrating BUX into the ABN Amro family will create a unique blend of innovative user-friendliness and financial strength, stability, and expertise—a strong foundation for future growth in private investments for both our clients and the bank.”
Vreugdenhil further described the acquisition as a growth investment for BUX, enabling ambitious long-term scaling and innovation, backed by ABN Amro’s extensive resources and infrastructure.
Notably, the acquisition does not include BUX’s cryptocurrency operations, reflecting the cautious stance of regulated banks towards the crypto sector, leaving the future of these products uncertain.
The transaction awaits regulatory approval and is anticipated to be completed in 2024, with the terms of the deal remaining undisclosed.