Online share trading company Self Trade is to be repositioned and rebranded as a wealth management bank, to compete with companies such as Abbey National’s Inscape.
The rebrand follows the company’s takeover in December last year by German bank Direkt Anlage Bank (DAB). From early next year Self Trade will be rebranded DAB Bank and become a fund supermarket, selling investment products including pensions. It is applying for a banking licence and will continue to trade in shares.
Self Trade UK marketing director Peter Boucher says its marketing budget for the next financial year will increase from £4.5m to £8m. But he adds Self Trade has no plans to review its account with Miles Calcraft Briginshaw Duffy.
He says: “It was apparent following the takeover that DAB’s strategy is similar to Self Trade’s. But it was slightly more far-reaching with its products.”
Self Trade was established in the UK last May. In the final quarter of 2000, Self Trade accounted for 41 per cent of all new share trading accounts in the UK.