Banks join forces for online business

Co-opetition among the banks may seem to be a worthwhile trend in the uncertain, fast paced environment of the internet, but even in 50:50 joint ventures, things aren''t always equal.

In the momentum of co-opetition sweeping the banking industry, HSBC and Merrill Lynch have created a 5050 joint venture company to provide global online banking and investment services.

Leveraging on each otherÆs strengths, the new company, provisionally called Merrill Lynch HSBC, will aim its services at consumers who prefer to make their own decisions about where to invest.Ă¡Customers will have a deposit account with Merrill Lynch HSBC through which they will be able to invest in various...

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