Swissquote Obtains Banking Licence
The Swiss Federal Banking
Commission yesterday granted Swiss Internet company
Swissquote a banking and securities dealer licence,
which will allow Swissquote to become one of the first
pure Internet-based banks to operate in Switzerland,
with operations due to commence in the first quarter
of 2001. At present Swissquote
provides real-time financial information online and
also in several Swiss newspapers' daily news services.
According to the company, the Swissquote site has
become one of the most visited financial sites in
Europe. The new Swissquote Bank will concentrate on
providing electronic banking services with a special
emphasis on online securities trading and distribution
of mutual funds. Swissquote Group Holding Ltd holds
51 per cent of the share capital of Swissquote Bank,
while Rüd, Blass & Cie Ltd, the banking subsidiary
of Zurich Financial Services, holds the remaining
49 per cent. The new bank will have
a total staff of more than 35 persons working in Gland,
in the canton of Vaud, and in Zurich. Its chief executive
will be Alfred Moeckli, currently in charge of Swissquote’s
trading division. Once the new bank is
up and running, Swissquote Trade's online clients,
which number more than 6,000, will be offered the
opportunity to transfer their cash and securities
accounts, which have hitherto been held by Rüd,
Blass & Cie Ltd. The bank also hopes to be able
to offer additional online banking services in the
near future. .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.