Waterhouse builds online presence

Leeds-based TD Waterhouse, which already had a 75 per cent stake in the Internaxx, acquired the remaining 25 per cent that was previously owned by Luxembourg-based bank BGL BNP Paribas.

The move reinforces TD Waterhouse's European plans as it continues to expand its online services.

Over the past 10 years Internaxx has offered online investment services to its European and international clients from its base in Luxembourg.

Angus Rigby, chief executive of TD Waterhouse and senior vice president of TD Group, said: "Becoming a full owner of Internaxx brings many benefits to our customers, employees and both businesses as a whole."

He added: "Overall this deal will help us to further develop the skills needed as we progress with our plans to become a leading online broker in Europe." Robert Glaesener, chief executive of Internaxx Bank, added: "This is a great deal for Internaxx and our clients."

The deal follows a number of strategic acquisitions made by TD Waterhouse in the UK market over the last year, including the acquisition of OMX Securities – now TD Waterhouse Corporate Services (Europe) – in August 2009, and the purchase of the UK accounts of E*TRADE announced in January.

TD Waterhouse, formed in 1997, employs 730 staff across the UK, including 420 in Leeds.

The company – owned by Toronto Dominion Bank – moved into Yorkshire when it bought YorkSHARE, the brokerage side of the Yorkshire Building Society in 1999. The following year, it acquired Dealwise, the share-dealing arm of Skipton Building Society, for 82m.

In an interview with the Yorkshire Post last month Mr Rigby said the business was growing at about 10 per cent a year.