Sweden's Skandinaviska Enskilda Banken (SEB) has announced plans to launch an online brokerage operation in Germany.
SEBdirect will open for business in November and will be actively promoted through the Swedish bank's German subsidiary BfG Bank.
BfG bank customers will be able to use the service to trade in up to 750,000 German and international shares, fixed interest securities, convertible bonds and warrants. Online customers also will have a choice of 4000 investments funds.
Since SEB acquired BfG Bank in Germany in January this year, the number of e-banking customers has almost doubled to 120,000. The Swedish bank expects the new brokerage operation to pull in an additional 10,000 customers before the year is out.