TD Waterhouse, the UK execution-only brokerage that is owned by Canada’s The Toronto-Dominion Bank, has agreed to take complete ownership of Luxembourg-based Internaxx Bank, an online private bank for self-directed international investors.

TD and its subsidiaries are collectively known as TD Bank Financial Group.

TD has held a stake in Internaxx since 2000, increasing its stake to 75 per cent last February. The remaining stake is being purchased from Luxembourg-based BGL BNP Paribas. The purchase price involved in the remaining stake was not disclosed.

The latest development is part of how Internaxx is being used by its Canadian parent to push into the European market.

"Becoming a full owner of Internaxx brings many benefits to our customers, employees and both businesses as a whole. It allows us to answer the needs of Internaxx's private banking clients by providing real time access to their accounts, sophisticated investment and information tools, and an attractive and transparent commission structure,” said Angus Rigby, chief executive of TD Waterhouse.

TD Waterhouse in the UK serves around 200,000 UK customers with about £4 billion ($6 billion) in customer assets (stocks and cash) under management.