MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, October 26, 1999 TD Waterhouse Plans India Venture TD Waterhouse has agreed to form a joint venture with India's Tata Group to pursue discount brokerage and other financial services opportunities in India. Under the joint venture agreement, TD Waterhouse will own 49% of Tata Finance Securities Ltd, a member of the Tata Group, with the company later renamed Tata Finance/TD Waterhouse Ltd. The terms of the deal were not disclosed.
Bharat Masrani, executive vice president of TD Waterhouse's European operations said, "With over 25 million investors and an Internet revolution underway, we see India as an exciting growth market with tremendous business opportunities for us. In short order, we expect that with the Tatas, we will become the premiere brokerage company in India offering trade execution, mutual funds, and, subject to local regulatory approval, online services." Tata Finance Securities is a primary dealer licensed by the Reserve Bank of India and is a member of the National and Bombay stock exchanges. The Tata Group is a diversified $7.9 billion holding company, calling itself India's largest business house, involved in businesses from tea to automobiles to cement to hotels to mutual funds. Printed from: MFWire.com/story.asp?s=25202 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |
