Frankfurt Trade Republic is bringing two new partners to its side: In the future, the Berlin neo-broker will be cooperating with Deutsche Bank and Citi, as the Handelsblatt learned from financial circles. Both banks will also become trustee account partners with immediate effect.
So far, Trade Republic has been working exclusively with the Berliner Solarisbank for fiduciary custody. HSBC Germany will also continue to act as a partner bank.
HSBC remains a so-called global custodian of the neo-broker and will therefore continue to be responsible for the safekeeping and administration of assets. The customer securities will continue to be held directly by Trade Republic in the customer custody accounts.
According to financial circles, the reason for the step is the rapidly growing customer base. The neobroker wants to position itself for further expansion in Europe. Additional details have not yet been obtained from financial circles. So far, Trade Republic is represented in Germany, Austria, France, Spain, Italy and the Netherlands.
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