BUX increases its presence in Spain and purchases Ninety Nine’s retail brokerage division

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The Spanish broker Ninety Nine’s retail brokerage division was acquired by European neobroker BUX. BUX now has a bigger footprint in the Spanish retail brokerage market thanks to the most recent purchase. The agreement also permits Ninety Nine clients to keep making investments through BUX.

Yorick Naeff, the CEO of BUX, said: “Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan. I warmly welcome Ninety Nine’s former clients and look forward to developing additional products to suit our Spanish clients.”

Javier Sanz Álvarez, CEO and founder of Ninety Nine, said: “We have been working for over a year and a half on our B2B strategy, and while it was a difficult decision, we have decided to focus all our efforts on it. However, our clients are still very important to us so we have been working with BUX to provide them with a great alternative to continue investing, including two free shares as a welcome gift, free migration to the BUX platform, and fees almost 50% lower than current ones. I believe our retail clients will be satisfied with this solution.”

According to the official release, Ninety Nine will continue to run but will concentrate on its B2B and B2B2C arms. BUX was granted a Cyprus Investment Firm (CIF) license earlier this year, enabling the broker to provide financial services in Cyprus.

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