Interactive Investor is in the process of selling its operation in Luxembourg as it seeks to focus on the UK platform business it owns.
The company said it is selling its Internaxx Bank SA operation to Swissquote Group, subject to regulatory approval by the CSSF and the ECB in Luxembourg.
Internaxx was acquired by Interactive Investor as part of the acquisition of TD Bank’s European direct investing business.
Interactive Investor said it has £20bn of assets under administration and 300,000 customers in the UK.
The company is majority owned by the JC Flowers private equity business. In January the company hired Richard Hunter, formerly head of equities at Hargreaves Lansdown, as head of markets.
Richard Wilson, chief executive of Interactive Investor, said: “This last year has been the start of an exciting journey as we continue to build the platform of choice for engaged retail investors.
"The disposal of Internaxx is another step in this journey, sharpening our strategic focus as we further invest in our leading flat fee investment platform. These are exciting times for the UK direct to consumer investment platform market, estimated to be worth circa £500bn.
"The company is well placed to further enhance its customer offering through both organic investment, and strategic acquisitions that add scale benefits to our valued customers.”