- ABN Amro Acquisition of Bux
- ABN Amro, a major Dutch bank, is acquiring the Dutch neobroker Bux for an undisclosed amount.
- Strategic Objectives
- ABN Amro aims to strengthen its position in the retail investment sector, improve digital offerings, and support pan-European expansion goals through the acquisition.
- Bux Overview
- Founded in 2013 in Amsterdam, Bux offers commission-free investing through a mobile app in multiple European markets.
- Bux had faced challenges, including a reported 40% workforce reduction and withdrawal from the UK market.
- Financial Details
- Bux had secured over $80 million in funding by 2021 from investors such as Tencent and Prosus Ventures, including capital infusion from ABN Amro’s venture capital arm.
- Previous Collaboration
- Bux had previously partnered with ABN Amro Clearing Bank in 2019, becoming the first broker in Europe to offer fractional European ETFs in 2022 through this collaboration.
- Future Growth and Synergy
- ABN Amro anticipates that incorporating Bux into its operations will create a powerful synergy of user-friendliness and financial strength, fostering growth in private investments for both clients and the bank.
- Bux’s CEO, Yorick Naeff, sees the combination as a powerful alliance leveraging ABN Amro’s expertise and reputation in personal finance for mutual growth.
ABN Amro to acquire Dutch neobroker Bux for undisclosed sum
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