Moneyou, the online banking subsidiary of ABN Amro, is selling its EUR2 million Belgian savings portfolio to local rival Keytrade Bank.
Launched by ABN AMRO under a separate brand in 2001 Moneyou is currently active in four countries in the EU.
Moneyou currently employs 220 staff and recently appointed insider as Bas Boelhouwers as it new CEO to replace outgoing chief Liesbeth Rigter.
Speaking about the decision to divest the Belgian client base, Boelhouwers states: “Given the current climate of low interest rates, we don’t see enough opportunity to further grow our savings portfolio and generate sufficient scale in Belgium. Keytrade Bank is the market leader in Belgium when it comes to online banking and investments. They serve clients through a fine and similar concept. Our clients will be in good hands with them.”
Launched as an online investment site in 1998, Keytrade Bank is now part of Crédit Mutuel Arkéa Group and offers a full suite of digital banking products.
Moneyou will start transferring its Belgian clients to Keytrade in November. The sale is expected to have "only a very slight impact" on ABN Amro’s results.