TD Waterhouse has reached an agreement through its parent The Toronto-Dominion Bank to increase its stake in Internaxx Bank, the leading offshore online bank for international and expatriate investors, the firm said Tuesday.

Internaxx, based in Luxembourg where it began trading in 2001, is jointly owned by TD Bank and BGL, one of the leading banks in Luxembourg.

Effective Feb 12, a deal was completed that increases TD’s stake from 25% to 75%, with BGL retaining a minority interest.

Internaxx will primarily be managed through TD Waterhouse UK, which already provides the back office, trading, clearing and settlement for Internaxx’s multi-language and multi-currency service.

The move constitutes an important step for both businesses as they jointly look to strengthen their service proposition in Europe, TD Waterhouse says.

“With its international range of products and multi-lingual customer service, Internaxx has grown into the leading offshore online broker for expatriate and international investors. Taking a controlling interest will help us to deepen our European market expertise and produce cost synergies between both businesses,” says Angus Rigby, CEO, TD Waterhouse UK and senior vp, TD Bank Financial Group.

“Our aim is for TD Waterhouse UK to be the gateway to Europe for online brokerage services and Internaxx’s local market knowledge will be invaluable if we are to achieve this. In return, Internaxx will continue to benefit from the combined and complimentary strengths of its owners together with the commitment and support of the Internaxx team itself,” Rigby concludes.

IE