Moneyou, the online arm of Dutch banking group ABN Amro, has offloaded its Belgian savings portfolio to Keytrade Bank.
Financial terms of the transaction were not revealed.
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The acquired unit manages around €2bn in assets.
According to ABN Amro, the deal will affect its results slightly.
The transfer of clients from Moneyou to Belgian lender Keytrade will be automatic and will take place in November this year.
Commenting on the sale, Moneyou CEO Bas Boelhouwers said: “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.
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By GlobalData“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.”
Earlier this year, ABN Amro sold a 75% stake in its subsidiary Stater to Infosys.
ABN Amro retained the remaining 25% holding.
On the other hand, the bank is looking to boost its digital capabilities.
In June this year, the bank’s Digital Impact Fund picked a stake in financial crime detection firm ThetaRay.
At the same time, the bank recently explored quantum computing through an alliance with QuTech with an aim to secure digital banking.
