TD Waterhouse completes online deal
TD WATERHOUSE, the Yorkshire-based stockbroker, has taken full ownership of online private bank Internaxx.
Leeds-based TD Waterhouse already had a 75% stake in Internaxx but has now acquired the remaining 25%.
The remainder was previously owned by BGL BNP Paribas, a Luxembourg-based bank.
TD Waterhouse has held a stake in Internaxx, which has 43 employees and £863m in customer assets, since 2000.
Internaxx has offered online investment services to its European and international clients from its base in Luxembourg and has become a leading investment platform for international and expatriate clients seeking online and discounted access to the world’s financial markets.
Angus Rigby, chief executive of TD Waterhouse and senior vice president of TD Group, said: “Becoming a full owner of Internaxx brings many benefits to our customers, employees and both businesses as a whole.
“It allows us to answer the needs of Internaxx’s private banking clients by providing real time access to their accounts, sophisticated investment and information tools, and an attractive and transparent commission structure.
“Meanwhile, employees from both operations can enjoy greater opportunities between our offices in the UK and Luxembourg.
“While overall this deal will help us to further develop the skills needed as we progress with our plans to become a leading online broker in Europe.”
Robert Glaesener, chief executive of Internaxx Bank, said: “This is a great deal for Internaxx and our clients for two main reasons.
“First, the solidity of TD Bank Financial Group, which is one of only three NYSE-listed banks to have maintained its ‘Aaa’ rating from Moody’s throughout the global financial crisis, provides the solidity demanded by our international clientele.
“Second, the expertise of TD Waterhouse in the online brokerage business will give us the means to achieve our long term expansion goals.”
TD Waterhouse has 420 staff in Leeds out of a total workforce of 730 UK staff. It is owned by Toronto Dominion Bank.
