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Deutsche Bank To Create Upscale Private Bank, First Pan-European Online Broker

Robert Lee, Tax-news.com, London

07 September 2000

To tap into Europe’s growing emerging-wealth segment, Germany's Deutsche Bank is creating its first pan-European upscale private bank and establishing an online broker with its own brand entitled "Maxblue". Deutsche Bank is looking for partners in Europe that specialize in wealth management to join its pan-European efforts, which will be based on a single Internet technology platform, according to the company.

At a recent mid-year press conference of Deutsche Bank, Dr. Rolf-E. Breuer, spokesman of the Board of Managing Directors, stated: "We are Europeanising the successful Deutsche Bank 24 concept. We plan to become the leading bank for private customers in Europe, too.'

Deutsche Bank will create the online effort by expanding upon, both geographically and product-wise, its retail brokerage arm, Deutsche Bank 24 (DB 24). Until now DB 24 was only available in the US and Germany. The wealth market is heating up in Europe with more investors increasingly calling for online services.

The DB 24-Europe initiative will be accompanied by the relaunch of Deutsche Bank’s online direct brokerage unit under a new brand, Maxblue, which will be available to it customers at any time and from anywhere. By launching the two at the same time, Deutsche Bank aims to tap into lower-tier affluent investors who want advice rather than just swift trade execution. Dr Breuer said: 'the "second-wave" online users want "clicks and some bricks". With our online brokerage programme which is also an essential part of our global e-strategy, Deutsche Bank wants to become a leading address for these customers with its Europe-wide presence. Our goal is to be the Number 1 in Europe in the online brokerage market.'


Deutsche Bank’s plan for the future really has three central elements: private banking, personal banking and the Maxblue online brokerage. In the private banking field, Deutsche Bank aims to offer customers individual advisory services and tailor-made solutions as well as investment and international asset allocation, all online.

Deutsche Bank estimates that some 10 million customers in Europe will be using online services over the next two to three years, and the bank is planning to gain about 1.5 million of them for DB 24. Deutsche Bank’s move comes after similar efforts by Merrill Lynch and HSBC, which earlier this year entered into a joint venture to offer online private banking services in both in Europe and beyond.

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