Amsterdam-based banking group ABN Amro (AMS:ABN) has announced that it has officially completed the acquisition of neobroker BUX. The acquisition of BUX, which was first announced in December, is subject to regulatory approvals that have now been received and the transaction has now been finalized.
BUX was founded in 2013 and is also based in Amsterdam. The company has grown into one of Europe’s leading new brokers with 500,000+ clients, operating in eight markets. However, following an exit from the lucrative UK retail market, the failed launch of the CFD brand (Stryk, outside Cyprus) and continued losses, ABN Amro – one of BUX’s original financial backers – stepped in to take over company.
The parties have not disclosed the financial terms of the transaction.
The parties stated that this strategic acquisition marks an important step for both ABN AMRO and BUX in the retail investment space. Following the announcement of the deal in December 2023, ABN AMRO has now completed the acquisition, significantly strengthening its digital offering, while BUX gains access to resources, investment expertise and support to continue its rapid growth and innovation. Recognizing the rapidly evolving retail investment sector, this acquisition gives ABN AMRO and BUX a combined #1 position in the Netherlands for clients looking to start building their wealth. It also contributes to ABN AMRO’s growth ambition.
BUX is now a wholly owned subsidiary of ABN AMRO and will continue to operate as a separate entity. The brand will now proudly feature the endorsed logo, symbolizing the strong support and resources of an established bank.
Annerie Vreugdenhil, Chief Commercial Officer Personal & Business Banking at ABN Amro said,
“I am extremely excited that BUX has officially joined the ABN AMRO family. We want to be by our customers’ side for every new beginning. In conjunction with BUX, we can help clients start taking control of their financial future early in life. BUX has made it extremely easy through its innovative and user-friendly platform. We can’t wait to build on this and improve our offering for future generations.”
Yorick Naeff, CEO of BUX added,
“We are proud of the successful completion of this acquisition. We believe in prioritizing our users’ financial goals and aim to make investing easier and more accessible for everyone. Through this partnership, we are combining ABN AMRO’s extensive expertise in personal finance and investments, and its many years of experience with the possibilities offered by the accessibility, knowledge of future generations and the user-friendly investment platform of BUX. This allows us to better serve the new generation of investors while maintaining our speed, flexibility and unwavering commitment to innovation.”
Shared vision and customer benefits
Together, BUX and ABN AMRO said they aim to offer a unique and comprehensive investment proposition. This partnership is designed to support first-time investors with step-by-step guidance, while also offering more expertise and a broader portfolio for experienced investors. Both ABN AMRO and BUX share a vision to become the leading provider of investment services for individuals, ensuring a seamless and enriched client experience.
Both ABN AMRO and BUX clients can look forward to innovative developments designed to enhance their investment journeys. Initiatives are underway to build bridges between the two platforms, improving accessibility and user experience for all customers.