ABN AMRO completes acquisition of neobroker BUX

Amsterdam-based banking group ABN Amro (AMS:ABN) announced that it has officially completed its acquisition of neo-broker BUX. The acquisition of BUX, first announced in December, was subject to regulatory approvals that have already been obtained, and the transaction has now been completed.

BUX was founded in 2013 and is also based in Amsterdam. The company has grown into one of the leading neo-brokers in Europe with over 500,000 clients, operating in eight markets. However, after exiting the lucrative UK retail market, failing to launch a CFD brand (Stryk, from Cyprus) and suffering ongoing losses, ABN Amro – one of BUX’s initial financial backers – stepped in to take over the company.

The parties did not disclose the financial terms of the transaction.

The parties stated that this strategic acquisition represents a significant step forward for both ABN AMRO and BUX in the retail investment space. Following the announcement of the transaction in December 2023, ABN AMRO has completed the acquisition, significantly enhancing 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 the combined No. 1 position in the Netherlands for clients looking to start building their wealth. It also contributes to ABN AMRO’s growth ambitions.

BUX is now a wholly owned subsidiary of ABN AMRO and will continue to operate as a separate entity. The brand will now proudly display a logo that will symbolize the strong support and resources of a successful bank.

Annerie Vreugdenhil, Chief Commercial Officer, Personal and Business Banking, ABN Amro, said:

“I am incredibly excited that BUX has officially joined the ABN AMRO family. We want to be there for our clients at every new beginning. Together with BUX, we can help clients start taking control of their financial future early in their lives. BUX has made this incredibly easy with its innovative and user-friendly platform. We look forward to building on this and enhancing our offering for generations to come.”

Yorick Naeff, CEO of BUX, added:

“We are proud to have successfully completed this acquisition. We believe in putting our users’ financial goals first and strive to make investing easier and more affordable for everyone. Through this collaboration, we combine ABN AMRO’s extensive expertise in personal finance and investing and its many years of experience with the opportunities offered by BUX’s accessibility, next-generation knowledge and user-friendly investment platform. This allows us to better serve a new generation of investors while maintaining our speed, agility and unwavering commitment to innovation.”

Shared vision and customer benefits

BUX and ABN AMRO share the goal of delivering a unique and comprehensive investment proposition. This partnership aims to support first-time investors with step-by-step guidance, as well as offering greater expertise and a broader portfolio to experienced investors. Both ABN AMRO and BUX share a vision of becoming the leading provider of investment services to individuals, delivering a seamless and enriched customer experience.

ABN AMRO and BUX clients can expect innovative solutions designed to enhance their investment journeys. Initiatives are underway to build bridges between the two platforms, improving accessibility and user experience for all clients.