Rabobank acquires online broker Alex

Rabobank acquires online broker Alex

Rabobank has acquired online brokerage Alex from Dexia Bank Nederland for an undisclosed amount.

Under the deal, the Alex business unit, which also includes the VEB Bottom-line label will be transferred to the bank in March 2003.

The online brokerage will continue to operate under the Alex branding and customers will be asked to transfer their portfolios to Rabobank.

Jac Verhaegen, member of the executive board, Rabobank Nederland, says: "This acquisition fits in our strategy to be market leader across the entire spectrum of financial services in the Netherlands."

The acquisition gives Rabobank a 35% market share lead in Dutch online investment. The bank says it will also have the largest number of investors, with 30% of the market share.

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