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Charles Schwab of the US is planning to launch a private client stockbroking business in the UK, as part of its international expansion programme.
Charles Schwab is to sell its 50% stake in Scottish broker Aitken Campbell to TD Waterhouse, but will retain a UK presence by setting up a US dollar office in London later this year.
Charles Schwab is considering plans to install stockbroking counters in the 314 bank branches of Alliance & Leicester.
TD Waterhouse is linking up with Charles Schwab to acquire Aitken Campbell, the Glasgow-based marketmaker, from Abbey National for £60m.
Charles Schwab of the US is planning to set up a network of about 12 stockbroking branches in the UK, in order to provide account information and give share-dealing demonstrations.
Charles Schwab is to set up a customer call centre in Milton Keynes with the creation of 450 jobs, in order to cope with the rapid growth in internet share dealing.