The UK entity of Dutch brokerage business BUX has been acquired by Asseta Holding, the parent company of APM Capital.
APM is headquartered in the UAE and already has an active brokerage business regulated by the Financial Services Regulatory Authority in Abu Dhabi.
The new entity will be headed up by Salim Sebbata, who was the CEO of the UK BUX entity previously. TradeInformer understands he has been working with APM Capital in the run up to the deal.
“We are thrilled to join forces with Asseta Holding and APM Capital,” said Sebbata. “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.”
BUX stopped most marketing and other acquisition efforts in the UK some time ago. The company did offer CFDs and equities in one platform but then split the two offerings into separate brands.
The company’s commission-free stock offering remains in play via an entity in the Netherlands, which was recently acquired by fellow Dutch firm ABN AMRO.
The company’s CFD division, which was called Stryk, has ceased to offer services to clients.
BUX CEO Yorick Naeff said in a statement that the company is looking to dispose its Cypriot entity.
