Banca Intesa, Unicredito Italiano and SanPaolo IMI, Italy's largest banks, are among a rapidly growing number of financial groups that have launched online broking arms which will also distribute mutual funds.

Italy currently has 50 online brokers, a number that could rise to 90 by the end of the year. There are also 8 million internet users in Italy, of which 2.5 million use remote banking, so the potential market is ripe.