CortalConsors exits Swiss/Italian online broking markets

CortalConsors exits Swiss/Italian online broking markets

CortalConsors has sold its online brokerage in Switzerland to Swissquote and announced plans to shut down its share dealing operations in Italy.

News of the retrenchment comes hard on the heels of the recent closure of the investment banking branch of Consors Capital Bank.

The group, formed from the merger of German online broker Consors with BNP Paribas subsidiary Cortal, says it is moving out of businesses which don't have the critical mass to deliver profitable contributions in the immediate future.

Consors says that margins in the cost-conscious Italian market are four times lower than in France or Germany. In Switzerland the company is throwing in the towel to Swissquote, which stands to become the market leader with the addition of Consors' 11,600 active users.

Olivier Le Grand, CEO CortalConsors, says the closures are in line with the company's goal of achieving break-even in 2003.

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