Deutsche talks up maxblue integrated broking model
25 March 2002 | 4007 views | 0
Deutsche Bank says its online investment centre, maxblue, has notched up 230,000 new account openings across Europe since its launch twelve months ago.
Over the past year, Deutsche claims the unit succeeded in attracting more new users in Germany than all other online brokers, raising its market share from 14% to nearly 20%. Maxblue now claims 502,000 active accounts on its home turf. Of assets under management, market share rose from 15% to 18%, and in executed orders maxblue expanded its market share from 8% to 10%, says the bank.
In comparison to Internet-only brokers, maxblue offers online execution alongside access to the research and investment banking expertise of the Deutsche Bank Group, along with personal advisory and wealth management services throughout the bank's branch network.
The bank is looking to develop further relationships across Europe, modelled on its successful link with Banco do Brasil. Under the name 'maxblue Banco do Brasil/Deutsche Bank', customers of the Brazilian bank have full access to all of the maxblue products and information. While the customer relationship remains with the partnering company, users get an online broking and avisory service courtesy of Deutsche Bank.
Deutsche Bank, itself rumoured to be a takeover/merger target for Lloyds TSB, says it has so far had discussions with 12 UK banks, building societies and insurers about exporting the maxblue concept to Britain.