Of Special Interest
4th November 2011
SocGen creating UK online bank using Selftrade
Selftrade, the UK retail online broker has gained a deposit taking licence from the Financial Services Authority. It is a trading name of Talos securities and subsidiary of Boursorama, in turn a Société Générale subsidiary.
Selftrade is following the path of Boursorama and building itself to become an online bank in the UK. In the first instance it is planning to launch online ISAs (a UK savings product that has no tax on the interest). It will need further licence approvals before it is able to offer any credit products.
Inès-Claire Mercereau, Chairman and CEO of Boursorama, comments:
"Thanks to this deposit taking permission, Selftrade will be the first online broker in the UK market to provide customers with retail banking and savings products and services. With a broader offering, our ambition over the years to come is to position our UK subsidiary as a one-stop-shop for financial products and services, as we are doing in France with Boursorama Banque."
Paul Greetham, Chief Executive Officer at Selftrade, comments:
"Becoming a deposit taker is a natural extension of our business and by taking this first step towards offering banking and savings products and services as a 'broker-bank', we are able to give customers greater choice and a unique combination of products with a Stocks and Shares and Cash ISA sitting alongside each other. Over the next few years and subject to further FSA approval, we aim to expand our suite of products and services gradually, without losing sight of our core share dealing proposition. In line with our existing strategy, we want to ensure that we offer customers products and services that provide long-term value and client satisfaction."