News today re Deutsche Bank; National Discount Brokers Group
Don't have this stock yet, but this looks interesting....
Sarkie~ Hope you all are having a GREAT time...!
KLP
siliconinvestor.com
Deutsche Bank and National Discount Brokers Form E-Commerce and
Financial Alliance
Alliance Will Create Jointly Owned Online Brokerage Initiatives Outside Of U.S. and
Provide
NDB with Access to World Class Research and IPOs
Deal Includes Equity Stake in NDB
NEW YORK and JERSEY CITY, N.J., March 28 /PRNewswire/ -- Deutsche Bank
(OTC Bulletin Board: DTBKY), the
world's largest financial services group, and National Discount Brokers Group, Inc.
(NYSE: NDB), a leading Internet
brokerage and financial services company, announced today that the companies have
signed a letter of intent to create a global,
e-commerce and financial alliance. In line with Deutsche Bank's recently announced
e-commerce strategy, the alliance heralds
the Bank's expansion into online brokerage. Together the companies will create jointly
owned online brokerage capabilities
outside of the United States. The strategic alliance also provides NDB with access to
Deutsche Bank's U.S. equity research
and initial public offering capabilities. Deutsche Bank will purchase up to a 19.3%
stake in NDB, which includes 3 million
shares to be purchased directly from NDB.
"This alliance supports Deutsche Bank's e-commerce strategy of global connectivity,
linking markets and investors around the
world. It's a major stepping stone to reach online customers without having to rely on
bricks and mortar," said Michael Philipp,
Head of Global Equities at Deutsche Bank. "Our distribution and placement power are
greatly enhanced through this alliance
along with our ability to deliver services efficiently to our clients. We are confident that
we can succeed in the competitive U.S.
market by combining our high quality investment banking products and services with
the world class technology of NDB."
Mayo A. Shattuck, III, Co-Head of Investment Banking at Deutsche Bank, added,
"The alliance with NDB opens up a number
of possibilities to enhance the product offering to our existing high net worth individual
and correspondent clients."
The Deutsche Bank/National Discount Brokers strategic alliance will provide Deutsche
Bank with access to NDB's online
investor community. It also allows Deutsche Bank to take advantage of NDB's
technology platform with the aim of delivering
an international online brokerage capability.
"This alliance builds on the combined strengths of our two companies," said Arthur
Kontos, President and CEO of National
Discount Brokers Group. "Deutsche Bank is a global financial powerhouse and NDB
customers will benefit from the breadth of
its research and investment banking capabilities. We look forward to leveraging our
award-winning website, technological
leadership and reputation for innovation to provide for the online investing needs of
customers around the globe."
The parties expect a definitive agreement to be signed during the second calendar
quarter of 2000. The letter of intent calls for
Deutsche Bank to purchase 3 million shares of common stock, a pro forma 14.6%
equity stake in National Discount Brokers
Group, for $45.31 per share resulting in gross proceeds of $135,930,000 and bringing
Deutsche Bank's total investment in
NDB to 16.3%. Under the terms of the letter of intent, Deutsche Bank will be
permitted to purchase up to a 19.3% stake. The
remaining 3% may be acquired through open market purchases.
The letter of intent between the parties is non-binding, and the transaction is subject to
several conditions, including, but not
limited to, the execution of definitive agreements as well as the approval of regulatory
bodies and the boards of directors of the
respective companies. There can be no assurance that the transaction will be
consummated or that the conditions to closing will
be met.
About Deutsche Bank
With over $869 billion in assets as of September 30, 1999 and approximately 90,000
employees, Deutsche Bank offers its
clients unparalleled financial services throughout the world. It ranks among the leaders
in asset management, capital markets,
corporate finance, custody, cash management and private banking. Deutsche Bank is
divided into five major business units:
Global Corporates and Institutions, Global Technology and Services, Asset
Management, Corporates and Real Estate and
Private and Retail Banking. Deutsche Bank provides a fully integrated investment and
wholesale banking service to corporate
clients from its main centers in London, Frankfurt, New York, Baltimore, Tokyo,
Singapore, Hong Kong and Sydney, as well
as its regional offices around the globe. The keys to the Bank's success remain
constant: customer focus, the spirit of innovation,
a broad range of product skills combined with technological power and financial
strength delivered by highly skilled
professionals.
About National Discount Brokers Group
Headquartered in Jersey City, New Jersey, National Discount Brokers Group, Inc., an
S&P Small Cap 600 Index company, is
the parent company of two financial services entities: National Discount Brokers
Corporation/ndb.com and Sherwood
Securities. National Discount Brokers, which recently was ranked #1 in the Barron's
Best of Online Brokers survey, at
February 29, 2000, January 31, 1999 had 207,900 customer accounts, with assets of
$12.2 billion. Sherwood Securities' main
operations are as a market maker in approximately 4,500 Nasdaq and other OTC
securities as of November 30, 1999. The
Company has offices in Jersey City, New York, Los Angeles, Chicago, San
Francisco, Denver and Boston. Customers can
access National Discount Brokers Corporation/ndb.com at ndb.com, via
the PowerBroker automated touch-tone
telephone system 800-631-8884 or by calling 800-4-1-PRICE.
Statements made in this press release constitute forward-looking statements, as that
term is defined in the Private Securities
Litigation Reform Act of 1995. These statements are subject to risks and uncertainties.
These forward-looking statements
generally are accompanied by words such as "intend", "anticipate", "believe",
"estimate", "expect", "should" or similar
expressions. It should be understood that these forward-looking statements are subject
to a number of assumptions, risks and
uncertainties, that could cause actual results to differ materially from those expressed or
implied in the forward-looking
statements. These uncertainties and risks include changes in laws, rules or regulations,
customer growth at NDB.com, and the
ability of software and hardware to be modified to perform the services required by the
agreement. Risks also include
unplanned expense increases, due among other things to unplanned expenditures for
software, hardware and marketing
alliances, and other risks as set forth in the Form 10-Q of National Discount Brokers
Group Inc. for the quarter ended
November 30, 1999.
The common stock of the Company anticipated to be offered and sold as described
herein will not be registered under the
Securities Act of 1933 and may not be offered or sold in the United States absent such
registration or an applicable exemption
from such registration requirements.
This news release shall not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of the
common stock of the Company in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration
or qualification under applicable securities laws, or absent the availability of an
exemption from such registration or qualification
requirements.
SOURCE: Deutsche Bank; National Discount Brokers Group, Inc.
CONTACT: Jon Murchinson of Deutsche Bank, 212-469-3874, or
jonathan.murchinson@db.com; or Rich Tauberman of National
Discount Brokers, 201-507-9500, or rtauberman@mww.com |
