Rabobank is to sell its online broker Alex to the bourse-listed internet bank BinckBank for €390m. The companies announced the deal on Wednesday morning.

Both brokerages will continue to operate under their own names.
‘Alex has made enormous progress in the past four years, growing from a discount-oriented online investor to a broad based investment bank,’ said Rabobank executive Piet van Schijndel. The bank has 100,000 customers.
BinckBank will pay for Alex through a new share issue and in cash.