Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Schwab Sells Brokerage Stake to Waterhouse Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 19, 2003

Schwab Sells Brokerage Stake to Waterhouse

by: Sean Hanna, Editor in Chief

Charles Schwab is selling its 50 percent stake in Aitken Campbell to TD Waterhouse. The two firms had each owned a half-stake in the Glasgow, Scotland-based broker since May 1991 when they purchased it from Abbey National.

The stemmed from Schwab's decision to exit its non-dollar denominated brokerage business. On January 31 Schwab completed its sale of Charles Schwab Europe to Barclays. It plans to open a dollar office later this year in London.

Schwab said the sale should close in the next few months. Financial terms of the sale were not disclosed, but Schwab added that its net income in the first quarter should increase by $10 million due to tax benefits from the sale.

"Given our shift globally to a focus on our U.S. dollar business, the market making business in U.K. securities is no longer a strategic fit for our company," said Lon Gorman, a vice chairman of Schwab. "We're proud of what we accomplished in our partnership with TD Waterhouse and wish them well in this endeavor moving forward."  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use