TD Waterhouse Investor Services Ltd. has signed an agreement to acquire the Australian customer accounts of Charles Schwab Australia, subject to regulatory approval.

The acquisition includes approximately 51,000 customer accounts and will take effect in mid-January. Financial details of the transaction have not been disclosed.

Steve McDonald, CEO said, “TD Waterhouse remains committed to increasing its business in our key markets through a combination of natural growth, acquisition and strategic joint ventures. This deal substantially strengthens our Australian operations. We are excited about extending our high level of customer service to these new customers.”

Karen Buck, TD Waterhouse’s managing director in Australia, said the acquisition will boost customer accounts by 25% to over 260,000. “This acquisition will increase our volumes and allow us to achieve greater business efficiencies which we anticipate passing on to customers in the form of further product and service enhancements in the New Year,” she said.