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Trade Republic receives full banking license from ECB
Trade Republic has obtained a full banking license from the European Central Bank (ECB). The additional license allows Europe’s largest savings platform to expand its product offering in the areas of investing and saving. Furthermore, corporate governance structures will be expanded forming an experienced audit committee.
“Receiving the full banking license opens up a new chapter for Trade Republic,” says Christian Hecker, Co-founder of Trade Republic. “In collaboration with our customers, we aim to continue growing strongly and establish ourselves as one of the leading financial institutions in Europe.”
Almost five years after entering the market, Trade Republic can now provide all essential banking services, and meets all requirements that are linked to a full banking license.
By passing on interest rates of 4 percent, the opening of bond trading for retail investors and the new app, Trade Republic has developed its offering in 2023.
“The new products have enabled us to expand our market share in Europe in 2023. The focus remains unchanged on the easy, secure and affordable accumulation of wealth,” adds Hecker.
As part of obtaining the full license, Trade Republic strengthens its corporate governance by establishing an experienced audit committee.
Trade Republic sees itself as the innovation powerhouse within the financial industry, pioneering affordable trading and establishing ETF savings plans as a new form of savings account. In January, Trade Republic fulfilled its leading position by becoming the first financial institution in Germany to pass on higher interest rates, now at 4 percent, to all customers.
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