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Fineco Bank underscores UK growth with strong Q1
Global Banking & Finance Review®
Company
Premium trading and investing bank Fineco continued its impressive UK growth with a strong start to 2022 which saw client numbers exceed 20,000 and year-on-year brokerage revenues close to doubling.
In the first three months of 2022, client numbers rose almost 8% – or by around 1,500 accounts – to 20,400. Client accounts were less than half that in December 2020.
Meanwhile, at around €500,000, brokerage revenues in the first three months of the year were 95% higher than the corresponding period a year ago.
Named recently as one of the world’s leading banks*, Fineco’s UK offering consists of premium trading and investing platforms as well as a modern banking proposition, all available in a single multicurrency account.
Paolo Di Grazia, Deputy General Manager and Head of Global Business at Fineco Bank, said the group was appealing to serious, skilled and loyal traders.
“Our offering in the UK is proceeding in the right direction: we are attracting experienced traders, who are loyal and looking for a combination of best-in-class price and quality. We are targeting a quality cluster of clients as we are not focused on ‘hit-and-run’ highly speculative and volatile customers.
“We now have more than 20,000 clients in the UK, with almost 2,000 acquired in the first four months of the year. On top of this, we are continuing to improve our revenues mix in favour of over-the-counter and listed products, which now represent the lion’s share of growth.
“As a result, our UK business is progressively gaining traction and is already profitable at operating level.”
In its investment proposition, Fineco is now looking to expand its offering, initially by increasing beyond 21 the number of asset managers available on its platform. Its next goal is to improve investors’ user experience by building simple investing journeys and maps to help clients engage with goals-based investing.
Fineco is also in the process of preparing the launch of its offering in Germany, which it anticipates will take place before the end of 2022.
Brokerage revenue refers to the income generated by a financial institution from executing trades on behalf of clients, typically through commissions or fees.
A multicurrency account allows individuals or businesses to hold, pay, and receive funds in multiple currencies, facilitating international transactions.
A trading platform is software that allows investors to buy and sell financial instruments like stocks, bonds, and currencies online.
Client growth in banking refers to the increase in the number of customers using a bank's services, indicating its market expansion and customer acquisition success.
The UK economy encompasses the economic activities and financial systems of the United Kingdom, including production, consumption, and trade.
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