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German online bank shuts down IPO business

Net.IPO, a German internet-based investment bank set up to give retail investors access to initial public offerings, has become the latest casualty of the downturn in the equity new issue market.

The firm has been forced to shut down its IPO business and give up its banking licence due to market conditions. Net.IPO is also shutting its offices in Italy, France, Belgium and Spain, according to a statement on the Deutsche Börse website.

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