Nordnet Bank (STO:NNB) integrates eQ Bank's online brokerage business into its operations and, by combining the services, strengthens its position in the savings market for private customers in Finland.
As previously announced, Nordnet Bank AB acquired Finland's largest online broker eQ Bank with approximately 57,000 customers on July 1. As part of its effort to become the leading bank for savings, Nordnet has started the work to integrate the eQ online brokerage business into its operations. The integration process is expected to be completed by June 1, 2010 and will further strengthen Nordnet's position in the Nordic private savings market.
"Through the strategic acquisition of eQ, Nordnet took an important step towards our vision of becoming the leading bank for savings and investments in the Nordic region. We now continue our drive by integrating eQ's online brokerage business into Nordnet. I see great potential in the Finnish savings market, where we are advancing our position and will be able to offer our broad product offering to an even larger customer base", Nordnet CEO Carl-Viggo Östlund says.
In parallel with the integration of the online brokerage business, Nordnet is evaluating other strategic alternatives for eQ's business areas institutional brokerage and asset management, since these areas are not within the framework of Nordnet's core business. Previously Advium, eQ's corporate finance operations, has been sold to the management of Advium.