LONDON (Brand Republic) – UK high street bank, Lloyds TSB, is partnering internet investor Antfactory Holdings to start a $30m venture to invest in online financial services companies.
Earlier this year the bank said it would spend £150m on boosting sales of its products online. The investment included opening internet banks in Spain and in the UK.
In June, Antfactory said it had entered into a $50m joint venture agreement with a venture capital unit of Citigroup to develop internet businesses in Latin America.
According to Bloomberg News, it is expected that European banks will spend more than $15bn over the next few years in revamping computer systems and starting online banks and brokerages. It estimates that there is a growing demand for loans, share trading and other services over the internet.