Dutch banking concern ABN Amro has begun to offload the non-core units of BUX, the Amsterdam based neobroker which ABN Amro took over earlier this year.
BUX announced this morning that it has sold its FCA-licensed UK business BUX Financial Services Limited (BUX UK, formerly known as Ayondo Markets Limited) to Asseta Holding, the parent company of APM Capital, an Abu Dhabi based online CFDs broker serving mainly a MENA region clientele.
BUX UK was not doing much business, reporting £1.5 million in Revenues for its most recently reported financial year (2022). The company’s accumulated loss through to the end of 2022 totaled £25.9 million. BUX eventually decided to exit the UK market in 2023, soon before the company was acquired by ABN Amro.
Yorick Naeff, CEO of BUX said,
“We are in the process of divesting all the remaining regulated subsidiaries of BUX Holding. With the sale of the Netherlands, and now the UK based business, only the Cyprus based business remains.”
The strategic acquisition of BUX UK is a significant move in the ongoing international expansion plans of Asseta Holding, and will be positioned as a sister company of APM Capital aimed at broadening its global footprint and enhancing its service offerings to a diverse client base.
Salim Sebbata, CEO of BUX Financial Services Limited, expressed enthusiasm about the acquisition, stating,
“We are thrilled to join forces with Asseta Holding and APM Capital. This acquisition marks a new chapter for BFS, one that promises growth and delivery of innovative financial solutions to our clients. APM Capital’s reach and robust resources will undoubtedly elevate our capabilities and market presence.”
Disha Rajdev, Co-Founder of APM Capital, shared her excitement about the acquisition,
“We are delighted to welcome BFS into our family. The UK market is a crucial component of our expansion strategy, and BFS’s strong reputation and client-centric approach align perfectly with our vision. We look forward to working closely with the talented team at BFS to drive growth and deliver exceptional value to our clients.”
The parties said that this acquisition underscores APM Capital’s commitment to expanding its investment portfolio and enhancing its service offerings in key markets around the world. Clients of BUX UK can anticipate excellence in service and access to a broader range of financial products under the new ownership.
The M&A process was supported by Stephenson Harwood, C&G Regulatory Solutions, and Ansh Legal.
