ABN Amro has made its first takeover in the Netherlands since the financial service group was nationalized 15 years ago – online investment platform Bux.
The Dutch state still has just under 50% of the shares in ABN Amro, which says the takeover is part of a strategy to attract more younger clients.
Bux has some 500,000 clients spread over eight European countries. “It is a fast growing investment platform where young clients learn to invest,” Annerie Vreugdenhil, director of the bank’s personal banking division, told broadcaster NOS.
‘They understand this age group better than we do. But we may be able to help them with more complex investment questions when they get older.”
Bux was founded in 2013 and invests in both shares and cryptocurrencies, as well as offering savings accounts. The company is not profitable and posted a loss of almost €16 million last year.
According to the Financieele Dagblad, the crypto operations will stop when the app is under ABN Amro control. ‘I just don’t see how we can advise clients about its real value,” Vreugdenhil told the paper.
Financial details were not disclosed and the deal is still subject to regulatory approval.
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