For focusing in the UK platform business, Interactive Investor is set to sell its Luxembourg operation to Switzerland based Swissquote Group. The transaction is subject to regulatory approval by the CSSF and the ECB in Luxembourg.
According to Richard Wilson, chief executive of Interactive Investor:
“This last year has been the start of an exciting journey as we continue to build the platform of choice for engaged retail investors.
“The disposal of Internaxx is another step in this journey, sharpening our strategic focus as we further invest in our leading flat fee investment platform. These are exciting times for the UK direct to consumer investment platform market, estimated to be worth circa £ 500 bn.
“The company is well placed to further enhance its customer offering through both organic investment, and strategic acquisitions that add scale benefits to our valued customers.”
Internaxx was acquired as a part of the acquisition of TD Bank’s European direct investing business by Interactive Investor which has its majority shares controlled by JC Flowers &Co.
Swissquote will help the Swiss online bank gain access to European Union markets
According to Chief Executive Marc Buerki, Swissquote:
“Unrestricted access to the European markets is very important to Swissquote, especially as Brexit draws closer. The deal will expand Swissquote’s ability to serve primarily expatriate customers.”
Founded in 2000, Internaxx bank acts a premium international bank for international investors and expatriates that offers international online brokerage and banking services and Internaxx has 12000 clients and 2 billion euros of assets under custody. Headquartered in Luxembourg, Internaxx bank has reported revenue of 10 million euros ($11.4 million) in 2017.
Founded in 2000, Swissquote Bank SA provides online financial services and offers online trading services, platform and also solutions for eForex, ePrivate banking, eMortgage, and flexible saving accounts. Headquartered in Switzerland, Swissquote is the subsidiary of Swissquote Group Holding Ltd.
About Interactive Investor
Founded in 1995, Interactive Investor operates an investment and trading platform that provides retail investors with financial information, tools, and trading environment they need to make investment decisions. Headquartered in the UK, Interactive Investor offers share and fund, ISA, junior ISA, self-invested personal pension, spread betting and contract for differences (CFD), forex, and free research accounts; and investment products.