Discount broker TD Waterhouse has won a contract to provide share dealing services to customers of American Express Financial Services Europe (AEFSE), which is closing down its online brokerage service in the UK.
Under the purchase agreement, TD Waterhouse says it will provide a "straight forward" transfer service and will offer American Express clients free trading for two months once their account is transferred.
The transfer of accounts will take place during first half of 2006 when American Express will be exiting its direct brokerage business in the UK.
Beverly Sawyers, head of retail investment services at AEFSE, comments: "This agreement gives our customers access to a wide range of competitively priced products, services and benefits from one of the UK's market leading financial services organisations. We are confident that our customers will be very well served."