Italian online stockbroker IMIWeb Bank SpA, a unit of IMI Bank, the investment banking arm of banking giant Sao Paolo IMI, has announced plans to expand to the UK as part of an agressive European expansion plan. The decision comes at a time when more and more brokers are targeting the UK market, despite a dramatic fall in online trading by private investors since they got their fingers burnt as markets slumped last year.
IMIWeb faces competition from big-name entrants such as HSBC and Merrill Lynch, who are soon to launch their own service in the UK, and Lloyds TSB's offering Create, which should be up and running by the summer. However, IMIWeb's simple pricing structure could set it apart from many of the other brokers vying for a share of the UK online investment market. The company hasn't yet launched a full-on publicity campaign, despite plans to commence UK business in the next few weeks, but expect to see it promoting itself in the latter part of the year.
IMIWeb will offer investors the chance to trade shares listed on six stock exchanges - London, New York, Nasdaq, Paris, Frankfurt and Milan. Trades can be carried out not only from a computer but from WAP phones too. News links will be provided courtesy of Reuters and AFX, and IMIWeb is also in talks to launch a service using interactive television.
As far as the company's pricing structure is concerned, it differs from some of its rivals in that it will not push low-cost introductory offers in order to entice customers. Instead, IMIWeb plans to charge £10 for trades in UK stocks and £15 for international trades. There are no tiered pricing rates, minimum charges or quarterly or annual management fees. All trades will be priced in UK sterling. IMIWeb will also pay 1 per cent interest on cash balances held in an account.
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