TD Waterhouse Group, Inc. intends to form a joint venture with DBS Group Holdings Ltd., the largest banking group in Southeast Asia, that will create a regional online investment services powerhouse. TD Waterhouse and DBS Group will each have an equal stake in the proposed joint venture, which is expected to begin operations sometime in the fourth quarter of 2001, subject to various ancillary agreements and regulatory approvals.

This new joint venture will provide self-directed investors access to a broad range of global investment services through the Internet, call centers, kiosks, and other distribution channels. It combines TD Waterhouse’s leading-edge technology and successful track record in online brokerage with DBS’s reputation as a leading financial institution in Asia and with an extensive branch network in the region. The new company will provide customers with investment services through a powerful multi-market, multi-product and multi-channel platform.

Initially the joint venture will serve customers in Hong Kong and Singapore with plans to expand into other Asian markets, with Hong Kong as the hub for North Asia and Singapore for Southeast Asia.

“One of TD Waterhouse’s key strategies is expanding our global reach. Bringing our services to new areas of Asia, such as Singapore, is an important part of this strategy, and we look forward to offering millions of customers in Asia the same high-quality online investing experience that has made us a leader elsewhere around the world,” says Steve McDonald, CEO of TD Waterhouse.

The new joint venture company will combine a management team comprised of both DBS and TD Waterhouse executives, and will operate independently as an affiliate of DBS and TD Waterhouse.

The new company will allow customers to trade stocks in Singapore, Hong Kong, the United States, Canada and other international markets. Customer will also have access to a broad range of financial products including mutual funds, private placements and IPOs, fixed income investments, asset allocation
tools and third-party research and information. Self-directed investors will be able to make trades and purchase investments through multiple channels, including call centers, Internet, mobile devices, web TV systems, or DBS branches.