Joint Venture to Extend TD Waterhouse's Global Reach in Asia
NEW YORK, June 20 /PRNewswire/ -- TD Waterhouse Group, Inc., the global
online financial services firm (NYSE: TWE; TSE), today announced its intent 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.
Steve McDonald, Chief Executive Officer of TD Waterhouse, said: "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. We are pleased to be allied in this effort with
DBS Group, whose established reputation in Asia and its large distribution
network will allow us to expand our presence quickly and effectively."
DBS Group's Vice Chairman & Chief Executive Officer Philippe Paillart said
that the new joint venture is an important milestone in DBS's strategy to
build an Asian securities powerhouse.
"Providing self-directed retail customers with a full range of investment
options is the next step of our overall strategy. This joint venture allows us
to leverage TD Waterhouse's expertise in providing these financial services
online and enables DBS to provide its customers with more financial products,
from more countries, through more channels, in the shortest amount of time,"
said Paillart.
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.
About TD Waterhouse
TD Waterhouse Group, Inc., (NYSE: TWE; TSE), provides investors with a
broad range of brokerage, mutual fund, banking and other consumer financial
products on an integrated basis. Worldwide, TD Waterhouse currently services
4.6 million customer accounts in the United States, Canada, the United
Kingdom, Australia, and Hong Kong. The firm also has joint ventures in Japan,
India and Luxembourg to serve investors in those countries. TD Waterhouse can
be found on the Internet at http://www.tdwaterhouse.com and on America Online
at Keyword: TD Waterhouse.
TD Waterhouse's majority owner is TD Bank (NYSE: TD; TSE), which holds
approximately 89% of the outstanding share capital of TD Waterhouse.
Headquartered in Toronto, Canada, with offices around the world, TD Bank
Financial Group offers a full range of financial products and services to
approximately 13 million customers worldwide.
About DBS Bank
DBS Bank is the largest banking group in Southeast Asia and
internationally is ranked among the top 70 banks in the world. It is a full
service bank, having diversified since its establishment in 1968 as a
development financing institution. DBS Bank is a recognized leader in Internet
banking and e-commerce and the market leader in Singapore-dollar loans and
deposits. Beyond Singapore, DBS Bank serves corporate, institutional and
retail customers through subsidiaries in Hong Kong, Thailand, the Philippines
and Indonesia; and branches and offices in the United States, United Kingdom,
Japan, India, Malaysia, Myanmar, the PRC, Taiwan and Korea. It is also
supported by a network of more than 900 correspondent banks.
DBS Securities is the securities arm of DBS Group. It has full
stockbroking licenses in Singapore, Hong Kong, Indonesia, the Philippines,
Thailand and India as well as offices in Malaysia and London. DBS Securities'
presence in the region assures customers of its ability to provide them with
in-depth research and expertise on the local and regional economies and
financial markets.
In February 2001, DBS Securities announced its merger with Vickers Ballas
Holdings to create a single Asian securities powerhouse. The new firm, DBS
Vickers Securities will offer enhanced securities advice and securities and
research capabilities for customers around the region, which include
Singapore, Hong Kong, Thailand, the Philippines and Indonesia.
For more information about DBS group of companies and affiliates, please
visit its website at http://www.dbs.com.
This release may contain forward-looking statements, including statements
with respect to our operating goals. These statements, which reflect
management's current beliefs and expectations, are subject to risks and
uncertainties that may cause actual results to differ materially from these
statements. Such risks and uncertainties include, but are not limited to,
market volatility, decreased trading activity, the development and acceptance
of new products and services, system delays and failures, competition, and
general economic conditions. For a discussion of risks and uncertainties that
may cause actual results to differ from those reflected in such
forward-looking statements, please refer to our filings with the Securities
and Exchange Commission, including the information included under the heading
"Item 1. Business-Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended October 31, 2000.
MAKE YOUR OPINION COUNT -- Click Here
SOURCE TD Waterhouse Group, Inc.
 back to top
Related links:
http://www.tdwaterhouse.com
http://www.dbs.com
CONTACT:
Melissa Gitter, First Vice President of TD
Waterhouse Group, 212-806-3522
|
