Germany-based neo broker Trade Republic has included financial services company Citi and Deutsche Bank as partner banks in its portfolio.
In addition to partners such as HSBC and Solarisbank, Trade Republic is now including Citi and Deutsche Bank in their partner network. With immediate effect, Citi and Deutsche Bank will become Trustee account partners of Trade Republic. In the future, new customers and some existing customers will no longer be looked after by Solarisbank, which was previously the only banking partner with whom all custody accounts were held.
The reason for this partnership is Trade Republic’s growing number of customers. Nothing will change for customers in terms of deposit protection and conditions. Users will continue to pay neither custody fees, plus the full deposit protection of EUR 100,000 per customer applies. Both Citi and Deutsche Bank are subject to the EU directive on statutory deposit guarantee systems. According to a Deutsche Bank representative, they provide Trade Republic with their scalable transaction services and enable processing on the Trade Republic platform. A Citi representative states that Trade Republic will be able to rely on Citi's network and experience in working with global digital platform-based banks and fintech companies.
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