You know why the sun never set on the British Empire?...God didn't trust them in the dark....
TD BANK MAKES OFFER FOR AUSTRALIAN DISCOUNT
BROKERAGE FIRM, PONT SECURITIES
TORONTO, March 24 /CNW/ - The Toronto-Dominion Bank (TD) announced today
that TD's wholly owned subsidiary, Green Line Holdings (Australia) Pty Ltd,
has made an offer to purchase the shares of Pont Securities Limited (Pont), an
Australian discount brokerage firm, effective May 8, 1997 at an offer price of
CAD$32.4 MM (AU$29.8MM) or CAD$3.87 per share (AU$3.57 per share).
TD's Green Line Investor Services and Waterhouse Investor Services Inc.
of New York, combine to represent the third largest discount brokerage
business worldwide. ``The Pont offer reflects our strategy of continuing to
expand our discount brokerage activity globally,'' said Duncan Gibson,
Executive Vice President, Wealth Management Services, TD Bank.
``Our aim in making this offer for Australia's leading discount broker is
to participate in the active and growing Australian market and expand the
services we currently offer to our North American customers,'' said W. Keith
Gray, Executive Vice President at TD and Chairman and Chief Executive Officer
of Green Line Investor Services.
He added, ``We believe we can add value to the Australian discount
brokerage market through our global experience and proven customer service
standards. Pont would bring us leadership and skilled understanding of the
Australian marketplace.''
``Management and employees are expected to remain unchanged as a result
of this business combination,'' he continued. ``We would however, hope to
introduce over time some of the products and services that have contributed to
Green Line's and Waterhouse's success in the North American markets, such as
electronic order taking, particularly via the Internet, and our constant
vision for product enhancement.''
``Discount brokerage is a specialised business,'' he continued, ``and in
Australia's current growth market, the strength and expertise of Green Line
would enable Pont to grow to meet market demand.''
Founded in 1984, Pont Securities Limited is Australia's original and
leading discount brokerage firm with offices in Sydney, Melbourne, Adelaide,
Perth, Brisbane, Gold Coast and Canberra.
Green Line, in addition to being Canada's largest discount broker, leads
the industry in the delivery of personal computer services through its
acclaimed Green Line MicroMax and Green Line WebBroker. Both Green Line
MicroMax and Green Line WebBroker can provide customers with convenient access
to accounts and market information, on-line order entry and real-time trading.
((Midland this morning says they like CM the best of the big 5 Can banks, FWIW....)) I think once they're listed in the States, they're expensive....
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