Amsterdam-based internet broker BinckBank has agreed to be taken over by Denmark’s Saxe Bank for €424m, the two companies said in a joint statement on Monday.

The agreement comes three days after both companies confirmed they were in talks. The transaction is unanimously supported and recommended by BinckBank’s executive board and supervisory board, the statement said.

The deal will help achieve economies of scale but there will be consequences for staff, BinckBank chairman Vincent Germyns said. BinckBank currently has a workforce of just under 580, making it a third the size of the Danish group.

‘As far as possible these consequences will be met through natural staff turnover,’ Germyns said. ‘In case of redundancies, a good severance scheme will apply.’ The severance scheme has the backing of both boards and the works council, he said.

BinckBank is listed on Amsterdam’s small cap index and has operations in the Netherlands, Belgium, France, Italy and Spain. In the Netherlands BinckBank operates under two brands: Binck and Alex.