BUX Monetary Companies, the UK unit of Netherlands-based BUX, has been offered to Asseta Holding, the father or mother firm of UAE-based funding agency APM Capital. Introduced as we speak (Tuesday), the acquisition got here after ABN AMRO accomplished the acquisition of BUX’s Netherlands operations, which is working as a neo-broker.
Regulated by the Monetary Conduct Authority (FCA), the UK unit of BUX gives contracts for variations (CFDs) and monetary unfold betting companies to retail {and professional} purchasers beneath the model BUX Markets. The acquisition didn’t come as a shock, as BUX had already revealed its plans to promote the enterprise final 12 months.
Months forward of the acquisition deal, BUX Markets closed its operations for “re-evaluating its product providing.”
A screenshot of the web site of BUX Markets
“We’re within the technique of divesting all of the remaining regulated subsidiaries of BUX Holding,” mentioned Yorick Naeff, CEO of Netherlands-based BUX Holding. “With the sale of the Netherlands, and now the UK-based enterprise, solely the Cyprus-based enterprise stays.”
BUX additionally provided CFDs buying and selling beneath its Cyprus-registered entity. Just like BUX Markets, the Cypriot entity closed its CFDs platform, branded as Stryk, and transferred the client accounts to AvaTrade. The Cyprus-registered entity, BUX Europe Restricted, nonetheless holds a Cyprus Funding Agency (CIF) licence.
Concerning the acquisition, BUX Monetary Companies’ CEO, Salim Sebbata, mentioned: “This acquisition marks a brand new chapter for BFS, one which guarantees progress and supply of progressive monetary options to our purchasers. APM Capital’s attain and strong sources will undoubtedly elevate our capabilities and market presence.”
Enlargement Efforts of Asseta Holding
The most recent press launch detailed Asseta Holding’s acquisition of BUX Monetary Companies as a strategic step towards its ongoing worldwide enlargement. Moreover, it has expanded APM Capital’s funding portfolio.
Nonetheless, the businesses didn’t disclose the phrases and financials of the acquisition deal.
“The UK market is an important element of our enlargement technique, and BFS’s sturdy status and client-centric strategy align completely with our imaginative and prescient,” mentioned Disha Rajdev, Co-Founding father of APM Capital. “We sit up for working carefully with the proficient workforce at BFS to drive progress and ship distinctive worth to our purchasers.”