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."
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