January 23, 2018 / 7:24 AM / in a year

Online broker IG plans German subsidiary, reports higher H1 profit

Jan 23 (Reuters) - IG Group Holdings Plc, a British online financial trading company, has filed an application to create a subsidiary in Germany in response to Britain’s decision to leave the European Union.

The company also reported a 29 percent rise in pretax profit for the first half ended Nov. 30 to 136.2 million pounds ($190 million), and said it had taken action to offset the potential financial impact of regulatory changes.

IG Group, which provides online stockbroking and trading services to retail investors, also said it had developed new products and services and expanded to new geographies, to broaden its client base and to “continue to market OTC leveraged derivatives to potential new clients”. ($1 = 0.7164 pounds)

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty

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