Dutch bank ABN Amro has started offloading the non-core units of BUX, the Amsterdam-based neobroker that ABN Amro took over earlier this year.
BUX announced this morning that it has sold UK FCA-licensed BUX Financial Services Limited (BUX UK, formerly Ayondo Markets Limited) to Asseta Holding, the parent company of APM Capital, an Abu Dhabi-based online CFD broker which mainly serves MENA area clientele.
BUX UK didn’t do much business, reporting revenue of £1.5m for its most recently reported financial year (2022). The company’s accumulated loss to the end of 2022 stood at £25.9m. BUX finally decided to exit the UK market in 2023, shortly before the company was acquired by ABN Amro.
Yorick Naeff, CEO of BUX said,
“We are in the process of divesting all the remaining regulated subsidiaries of BUX Holding. With the sale of the Netherlands, and now the UK-based business, only the Cyprus-based business remains.”
The strategic acquisition of BUX UK is a significant move in Asseta Holding’s ongoing international expansion plans and will position itself as a sister company to APM Capital with the aim of expanding its global footprint and strengthening its service offerings to a diverse client base.
Salim Sebbata, CEO of BUX Financial Services Limited, expressed his excitement about the acquisition, stating,
“We are excited to join forces with Asseta Holding and APM Capital. This acquisition marks a new chapter for BFS, one that promises to grow and deliver innovative financial solutions to our clients. APM Capital’s reach and strong resources will undoubtedly enhance our capabilities and market presence.”
Disha Rajdev, co-founder of APM Capital, shared her excitement about the acquisition,
“We are delighted to welcome BFS to our family. The UK market is a critical element of our expansion strategy and BFS’s strong reputation and customer-centric approach align perfectly with our vision. We look forward to working closely with the talented team at BFS to drive growth and deliver exceptional value to our customers.”
The parties said this acquisition underscores APM Capital’s commitment to expand its investment portfolio and strengthen its service offerings in key markets around the world. BUX UK customers can expect service excellence and access to a wider range of financial products under the new ownership.
The M&A process was supported by Stephenson Harwood, C&G Regulatory Solutions and Ansh Legal.