Enba, the Dublin based holding company for European Internet-only financial services, has embarked on a $10 million (€9.49 million) joint venture with US investment bank Wit Capital to establish a pan-European investment banking firm, Wit Capital Europe.
It will begin operation in early 2000, subject to required regulatory approval, which is understood to be likely to come from the Central Bank of Ireland.
Enba, which employs 160 people in Dublin, will initially own 55 per cent of the business and Wit Capital will retain the balance. Both parties will proportionately contribute to the venture in capital.
Wit Capital has also announced it will acquire Enba shares through a share swap to the value of 12 per cent, or around $31 million. The venture will allow European individuals to go online to invest in floatations and venture capital funds. The new business will also offer institutional quality investment research and online brokerage services.
According to Mr Gerhard Huber, chief executive of Enba: "This initiative places Dublin at centre stage of the burgeoning online financial services industry in Europe and internationally."
