Fleet Financial Group said Suretrade Inc., its deep discount brokerage, posted strong results for the first quarter.
The number of Internet-based trading accounts increased by 38%, to 260,000, while average trading volume was up 63%, the bank said in a statement. Customer assets grew by 48%, to $1.3 billion.
Like other players in Internet brokerage, Fleet is looking at ways to capitalize on the popularity of on-line investing among consumers, as well as expand the business. On-line brokerage stocks have been trading at a premium in recent months.
Fleet is looking at either a joint venture or a partial or total public offering for Suretrade.
A Fleet spokesman said the results were released to shed some light on Suretrade's business. "We have a number of options that we're looking at," he said.