Finland's eQ Bank has entered an agreement to buy Eficor's brokerage operations, for an initial payment of EUR0.7 million.
Under terms of the agreement, Eficor will terminate its online brokerage service this summer, and its operations will be combined with eQ Bank. Eficor's approximately 6500 customers will then be serviced by eQ Bank.
Eficor will receive a second payment from eQ Bank, based on the sucess of the combined brokerage operations during the remaining year 2002.
Five key employees from Eficor’s online brokerage operations will transfer to eQ Bank.
Eficor says it will focus on private equity activities, headed by Lauri Paloheimo.