Swissquote, a Switzerland-based provider of online financial and trading services, has acquired a 100% stake in Swiss forex broker MIG Bank. The price of the merger was not disclosed.
Swissquote said it would fully finance the purchase through existing equity capital and estimates that the income from forex trading will reach up to a half of its revenue after the deal.
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Purchase of MIG Bank is second major corporate takeover by Swissquote within three years, having acquired Advanced Currency Markets (ACM) in October 2010.
MIG Bank, which was founded in 2003 as MIG Investments, employs an overall workforce of 120 at its headquarters in Lausanne and has offices in Zurich, London and Hong Kong.
Swissquote said that the purchase of MIG Bank will enable it to greatly expand its forex operations, which at a volume of CHF158 billion accounted for 26.2% of total net revenues in the first half of 2013.
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