Merrill Lynch and HSBC have launched their long delayed online retail banking venture in the UK, and are accepting minimum investments of £10,000 (€16,120), far less than the original $100,000 (€113,135) target.

Merrill Lynch HSBC, a 50:50 joint venture between Merrill Lynch and HSBC, first launched their retail banking venture in Canada in December last year. An Australian service was also launched later that month.