Swissquote acquires Luxembourg bank Internaxx
On August 6, 2018, Swissquote signed a purchase agreement with Interactive Investor Limited, which is majority controlled by J.C. Flowers & Co., regarding the acquisition of Internaxx Bank SA for a price of EUR 27.7 million. The transaction is subject to regulatory approvals.
Internaxx Bank SA is a Luxembourg-based bank which has been successfully operating internationally as a fully licensed online bank since 2001, with some 12,000 clients for a total of EUR 2 billion assets under custody and revenues of EUR 10 million for 2017. By acquiring Internaxx Bank SA, Swissquote aims at securing access to the European market and further consolidating its standing as first choice for international clients (expats).
Lenz & Staehelin advised Swissquote in this transaction. The team was led by Jacques Iffland (Corporate and M&A) and included Ralph Kaufmann (Corporate and M&A) and Sevan Antreasyan (IP and Contract).