Interactive Investor (ii) announced that it had reached agreement on terms with The Share Centre to combine their businesses, subject to shareholder, regulatory and legal approvals.
ii believes that direct to consumer platforms require scale to sustain the level of profitability necessary for significant and ongoing technology investment in customer experience and services. Therefore, there is a strong strategic rationale for consolidation amongst compatible groups. ii and The Share Centre believe that a combination of the two businesses would create a group of greater scale and capability to grow and thrive and to best serve its customers in an increasingly technology-driven and competitive environment.
The combined businesses would have more than 600,000 customers and £36 billion of assets under administration.
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