BinckBank, an independent Dutch online discount broker, has agreed to acquire Fundcoach, the funds supermarket division of SNS Bank.

Through this deal, BinckBank will respond to the changes in the market following the abolition of kickback fees. The firm’s market share will increase to over €1 billion in managed funds.

Guido van Aubel, managing director at BinckBank, said: "With the mutual fund supermarket, BinckBank customers have access to a wide variety of high-quality mutual funds not offered by major banks. BinckBank will also add ETFs to its product range. This fits perfectly with providing the DIY investor who wants to invest independently without the daily hustle and bustle of the stock market," Aubel added.

Ton Timmerman, director customer relationship management & commercial support at SNS Bank, said: "We are pleased this agreement enables our SNS Fundcoach customers to be accommodated at a company with a good track record in the area of retail investing. SNS Bank will focus on its core banking activities such as savings, payments and mortgages."

Fundcoach has over 30,000 customers and the assets under management amount to over € 600 million.

The transaction, which is set to be completed in the second quarter of 2014, is subject to a declaration of no objection from De Nederlandsche Bank for both SNS Bank and BinckBank.