Mortgage bank Alliance & Leicester has shelved its plans to launch a stand-alone Internet bank aimed a band of mass affluent customers.
The bank was due to offer a wealth management service, including options like stockbroking at its launch early next year. A&L has already spent £15 million developing the service.
The bank has now opted to target the mass affluent - those with around £50,000 to invest - with new products on its existing Website rather than launch a stand-alone brand.
The company said the technology it had already developed with be used to launch new products on its existing website.
Peter McNamara, A&L group managing director said a lot of banks were already targeting the mass affluent. "We decided we could get a better return building this [service] as part of our existing website."