TD Waterhouse strengthens European presence

TD Waterhouse, the UK's 2nd largest execution-only broker, has reached an agreement through its parent The Toronto-Dominion Bank (TD) to increase its stake in Internaxx Bank, the leading offshore online bank for international and expatriate investors.

TD and its subsidiaries are collectively known as TD Bank Financial Group (TDBFG).

Internaxx, based in Luxembourg where it began trading in 2001, is jointly owned by TDBFG, North America's 6th largest bank by branches, and BGL, one of the leading banks in Luxembourg. With effect from 12th February a deal was completed that increases TD's stake from 25 per cent to 75 per cent, with BGL retaining a minority interest.

Internaxx will primarily be managed through TD Waterhouse UK, which already provides the back office, trading, clearing and settlement for Internaxx's multi-language and multi-currency service. The move constitutes an important step for both businesses as they jointly look to strengthen their service proposition in Europe.

Angus Rigby, CEO, TD Waterhouse UK and Senior Vice President, TDBFG comments: "In a climate of global recession, we are one of the few financial institutions that is in a position to invest in, and grow, our business. TD Waterhouse offers one of the most comprehensive and competitive international trading services from a UK broker and we are continually looking for opportunities that would enable us to expand these services further."

"With its international range of products and multi-lingual customer service, Internaxx has grown into the leading offshore online broker for expatriate and international investors. Taking a controlling interest will help us to deepen our European market expertise and produce cost synergies between both businesses."

Robert Glaesener, General Manager of Internaxx Bank, adds: "TD's increase in ownership will open up new and increased opportunities for Internaxx. TDBFG is a solid and expanding financial institution with a global presence in online brokerage. Additionally, it gives Internaxx the basis to further expand its franchise as we consolidate and grow our leading position as an online bank for expatriate and international investors."

Angus Rigby concludes: "Our aim is for TD Waterhouse UK to be the gateway to Europe for online brokerage services and Internaxx's local market knowledge will be invaluable if we are to achieve this. In return, Internaxx will continue to benefit from the combined and complimentary strengths of its owners together with the commitment and support of the Internaxx team itself."