Rabobank has sold its online brokerage business Alex to Dutch Internet broker BinckBank for EUR390 million in cash.
Rabobank said in March that it was looking to sell the Alex unit, which it acquired from Dexia Bank Nederland in Janaury 2003.
Rival brokerage BinckBank confirmed last month that it was in talks with Rabobank to take over the Alex unit.
Following the acquisition Alex will continue to exist as a separate brand under the ownership of BinckBank and will retain its own positioning. It is thought that BinckBank will focus its existing brand on smaller investors, while Alex will be aimed at more affluent investors.
Rabobank says the sale of Alex will not result in "forced redundancies", but company founders René Frijters and Peter Verhaar will resign from the business.
Commenting on the sale to BinckBank, Frijters says: "The new combination will immediately rise to the position of undisputed market leader in the field of online investment. It will give Alex extensive opportunities to achieve further growth and to further expand its services."
The acquisition, which is expected to complete early next year, is subject to approval of BinckBank shareholders as well as the Dutch Central Bank and the Netherlands Competition Authority.