(July 27 – 11:55 ET) – TD Waterhouse Group, Inc. and Banque Generale du Luxembourg, a leading bank in Luxembourg have agreed to form a joint venture offering specialized discount brokerage services across Europe. The joint venture, which will be established as a bank in Luxembourg, will target high net worth customers seeking to invest internationally. TD Waterhouse will own 51%. and Banque Generale du Luxembourg will own 49% .
Stephen McDonald, CEO of TD Waterhouse, said, “This is further evidence of our real steps towards becoming a leading European player, which is a key component of our global strategy. We are now the U.K.’s largest discount broker and this joint venture provides significant growth opportunities for us.”
The service, designed primarily for European investors, will offer full international self-directed online equity investing at competitive prices and will be managed out of Luxembourg. It will provide investors with access to securities in listed on North American and European exchanges, as well as a wide range of investment vehicles including unit trusts and mutual funds. The online brokerage service is expected to be operational by the end of 2000.
Completion of the joint venture is subject to approval by appropriate supervisory and regulatory authorities.
-IE Staff