AMSTERDAM, Dec 14 Reuters ABN Amro said on Thursday it was buying online brokerage Bux for an undisclosed sum to increase its market presence with younger investors.

The companies said Bux has around 500,000 users in northern Europe. ABN said the acquisition would have a minor impact on its Tier 1 capital ratio.

Bux was one of the first socalled neo brokers on the Dutch market, featuring a smartphone interface, smallscale stock trading and zero commission on some orders. It raised 80 million to expand amid the pandemic trading boom from investors including Prosus NV and China39;s Tencent.

According to its most recent annual report filed with the Dutch Chamber of Commerce, in 2022 Bux posted a loss of 16.0 million euros 17.4 million on revenue of 2.52 million euros.

Dutch business paper FD quoted an ABN Amro executive as saying the bank would discontinue Bux39;s cryptocurrency offerings as part of the acquisition.

1 0.9183 euros

Reporting by Toby Sterling Editing by Mark Potter

Source Reuters