first-e, the internet bank which opened for business in the UK in 1999 and in Germany in 2000, is reported to have scrapped plans for online trading in Germany and will concentrate instead on fund provision and advisory services.
first-e is a trademark used by France's Banque d'Escompte for banking services on the Internet. When first-e launched its online banking service in Germany in May 2000, it said that an online execution-only brokerage service would be launched soon after, enabling customers to trade in all domestic and foreign shares which are listed on the German stock exchanges.
According to reports, first-e has shelved any such plans - at least for the time being - due to poor market conditions. Financial NetAlert quoted country manager Dirk Haro as saying: 'Right now volumes are down and it just does not make sense to launch online trading.' first-e may team up with an existing online broker, so that it can at least refer visitors to an online brokerage service elsewhere.
Similarly the company, which originally was going to develop its own fund platform, is now looking to sign a deal where it could white-label an existing service. Haro said: 'In the current market conditions mutual funds will not provide revenue that justifies proprietary services. With a white-labelled service we can keep costs down.' Currently customers of first-e (www.first-e.com/de) can only buy Activest Funds through an arrangement first-e has with the fund manager HypoVereinsbank. first-e is said to be in talks with three providers of online fund platforms in Germany and expects to make a decision this week.'
Separately, first-e is in talks with two US providers of online fund advice that are looking to enter Europe. Haro commented: 'We see these tools as very complementary because they enable customers to do the initial research, receive suggestions and then go to their advisers before making an investment.'
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