Direkt Anlage bids £558m for Self Trade

German online brokerage Direkt Anlage Bank is set to buy France's Self Trade SA for E911m (£558m) in an attept to create a pan-European online trading system.

German online brokerage Direkt Anlage Bank is set to buy France's Self Trade SA for E911m (£558m) in an attept to create a pan-European online trading system.

The all stock deal will create the third-largest online brokerage in Europe in terms of accounts, according to the German firm. The proposed merger will also provide Direkt Anlage with access to customers in Italy, Spain, Switzerland and the UK Direkt Anlage shareholders will vote on the deal in November and if they agree to the terms, the merger should be completed by December.