US financial services giant Morgan Stanley Dean Witter is planning to set up a network of retail outlets in Europe.
The company launched its first foray into European retail financial services last year when it launched the Morgan Stanley credit card. The launch was backed by a &£5m direct marketing campaign through WWAV Rapp Collins and a multi-million pound television campaign, created by Leo Burnett.
It now plans to sell a broader range of consumer products through a European retail network, based on its US model.
Morgan Stanley’s 450 US branches offer financial advice, bank accounts with a debit card and cheque book, and share trading to wealthy customers.
A spokesman from Morgan Stanley declined to give further details.
Morgan Stanley’s move follows the world’s largest stockbroker Charles Schwab’s decision to set up a Europe-wide network of retail outlets.
Charles Schwab entered the UK market 18 months ago. It has three UK branches, with plans to open 50 across Europe.
The Charles Schwab outlets are confined to stockbroking.