Interactive Investor agrees to buy TD Bank Group’s European direct investing business
Interactive Investor plc has agreed to acquire TD Bank Group’s European direct investing business, through the acquisition of the shares of TD Wealth Holdings (UK) Limited and TD Bank International S.A. (Luxembourg).
This acquisition will create the UK’s second largest online stockbroker with assets under administration (AUA) of £18 billion.
On completion of the acquisition, customers will benefit from a combined business that seeks to build on Interactive Investor’s heritage as a low charge challenger broker and TDDI’s reputation as one of the UK’s leading online investing providers.
MMC Ventures is the largest single shareholder in Interactive Investor.
Bruce Macfarlane, managing partner at MMC Ventures, commented on the acquisition:
“As the largest single shareholder in Interactive Investor we have been a big supporter of the company’s ambitions to become the leading low-cost retail fintech platform in the UK. The acquisition of TD Bank’s European direct investing business is a huge advance in the realisation of that goal. The combined business will have over 300,000 customers and constitute the UK’s second largest online broker. This is tremendously exciting platform on which to build further.”