NEW YORK, Aug. 8 /PRNewswire-FirstCall/ -- E*TRADE FINANCIAL
Corporation (NYSE: ET), through its indirectly wholly-owned subsidiary
E*TRADE Mauritius Limited, today announced it has increased its ownership
stake in IL&FS Investsmart Limited (Investsmart). With the increased
investment, the two companies' operational partnership will expand global
trading opportunities for retail and institutional customers, providing
access to the broad range of products offered by the respective parties.
Financial terms of the deal were not disclosed.
"Our partnership with Investsmart will be a true two-way global
relationship that provides Indian investors with access to US market
equities trading and further expands the market opportunities for E*TRADE
FINANCIAL's global customer base," said R. Jarrett Lilien, President and
Chief Operating Officer, E*TRADE FINANCIAL Corporation.
To rapidly leverage the operational expertise of E*TRADE FINANCIAL,
Investsmart will appoint a member of E*TRADE FINANCIAL's executive
management team as CEO Designate of Investsmart, subject to completion of
necessary formalities of statutory requirements and obtaining necessary
approvals from SEBI, the Exchanges and Government of India. The executive
will replace outgoing Investsmart Managing Director & CEO Hemang Raja, who
will become a non-executive director on the Investsmart Board of Directors.
The Investsmart Board of Directors is also in the process of adding three
additional board seats to be filled by members of the company's existing
management team, ensuring continuity of management and strategy.
E*TRADE FINANCIAL also anticipates supplementing investment resources
with experienced personnel to expedite the benefits from the technology and
other global opportunities that will be leveraged through the partnership.
"E*TRADE FINANCIAL has proven an ideal partner and has helped increase
the presence of Investsmart at home and abroad," said Ravi Parthasarathy,
Chairman, IL&FS Investsmart Ltd. "E*TRADE's investment will enable us to
leverage their technology and operations expertise to achieve the
efficiency and growth inherent in an electronic global trading platform."
E*TRADE FINANCIAL's original investment in Investsmart was made in
2004.
About E*TRADE Mauritius Limited
E*TRADE Mauritius Limited, an indirectly wholly-owned subsidiary of
E*TRADE FINANCIAL Corporation, identifies strategic investment
opportunities throughout the Indian Ocean Rim.
About E*TRADE FINANCIAL
The E*TRADE FINANCIAL family of companies provides financial services
including trading, investing, banking and lending for Retail and
Institutional customers. Securities products and services are offered by
E*TRADE Securities LLC (Member NASD/SIPC). Bank and lending products and
services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC,
or its subsidiaries.
About IL&FS Investsmart Limited
Investsmart is one of India's leading financial services organizations
providing a complete range of Financial Management Solutions for retail and
institutional customers. Investsmart has a strong presence across a wide
range of products and operates in the areas of Investment Management and
Advisory Services, Merchant Banking, Equity and Debt Broking and
Distribution of Financial Products. The Company has an all India presence
through its network of branches and channel partners across 93 cities.
Investsmart leverages on its pedigree of IL&FS, which has the core
competency of institutional and retail financial services. IL&FS is a
financial institution known for its innovative and pioneering initiatives
in the areas of Infrastructure and Corporate Finance.
Important Notices
E*TRADE FINANCIAL and the E*TRADE FINANCIAL logo are registered
trademarks or trademarks of E*TRADE FINANCIAL Corporation. The statements
contained in this news release that are forward-looking are based on
current expectations that are subject to a number of uncertainties and
risks, and actual results may differ materially. The uncertainties and
risks include, but are not limited to, changes in market activity,
anticipated increases in the rate of new customer acquisition, the
conversion of new visitors to the site to customers, the activity of
customers and assets held at the institution, seasonality, the development
and enhancement of products and services, competitive pressures (including
price competition), system failures, economic and political conditions,
changes in consumer behavior and the introduction of competing products
having technological and/or other advantages. Further information about
these risks and uncertainties can be found in the information included in
the annual reports previously filed by E*TRADE Group, Inc. or E*TRADE
FINANCIAL Corporation with the SEC on Form 10-K (including information
under the caption "Risk Factors") and quarterly reports on Form 10-Q.
E*TRADE FINANCIAL Media Contact
Pam Erickson
E*TRADE FINANCIAL Corporation
617-296-6080
pam.erickson@etrade.com
E*TRADE FINANCIAL Investor Relations Contact
Adam Townsend
E*TRADE FINANCIAL Corporation
703-236-8719
adam.townsend@etrade.com
SOURCE E*TRADE FINANCIAL Corporation
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Related links:
http://www.etrade.com
CONTACT:
Media Contact: Pam Erickson, +1-617-296-6080,
pam.erickson@etrade.com, or Investor Relations Contact: Adam
Townsend, +1-703-236-8719, adam.townsend@etrade.com, both of
E*TRADE FINANCIAL Corporation
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