Charles Schwab offers online services in Switzerland
Charles Schwab, one of the world’s leading online brokerage firms announced Wednesday it was making its services available in Switzerland, marking the United States-based company’s first business presence in continental Europe.
Charles Schwab, one of the world’s leading online brokerage firms announced Wednesday it was making its services available in Switzerland, marking the United States-based company’s first business presence in continental Europe.
Announcing the decision in Zurich, the company said trading by Internet and telephone would be restricted to financial markets in the U.S. and Britain.
Investments would have to be made in either U.S. dollar or sterling-denominated accounts, the company said. At this stage, there would be no trading in Swiss shares and no offices would yet be set up, Charles Schwab added.
Guy Knight, marketing chief of Charles Schwab Europe, said the company was primarily targetting experienced English language investors who wanted to avoid banking fees and who preferred to look after their foreign investments themselves.
Knight said the company was hoping to attract customers who had so far done business with private Swiss banks.
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