In Germany, COMDIRECT, the Internet direct banking subsidiary of COMMERZBANK, and T-ONLINE, the Internet access subsidiary of DEUTSCHE TELEKOM, have announced the launch of a joint Internet financial services portal. Under the agreement, T-ONLINE INTERNATIONAL will acquire a 25% stake in COMDIRECT, which in exchange will be given "an equaivalent share in absolute value" in T-ONLINE, "probably less than 5%". According to analysts, T-ONLINE's stock market value is between EUR 15 and 20 billion and COMDIRECT's between EUR 5 and 7 billion. EUROPE would recall that LAGARDERE has just acquired 6.5% of T-ONLINE (see EI of 18 February).