Swissquote snaps up Keytrade Bank Luxembourg

Swissquote Group Holding Ltd. is buying Keytrade Bank Luxembourg SA for an undisclosed sum as part of its European expansion push.

The online financial and trading services provider said its Luxembourg-based Swissquote Bank Europe arm would take over the majority of the employees of Keytrade Bank, which has amassed more than 8,000 clients and roughly €1.7 billion of assets under custody since it started operating in 1999.

Swissquote noted that the deal would make it the "leading online trading and investing bank" in Luxembourg. The deal is expected to close within the first half and is subject to regulatory approvals.

Keytrade Bank is owned by France's Crédit Mutuel Group.