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Non-Tech : E*Trade (NYSE:ET)

ET 16.36

+0.3%

Dec 23 3:59 PM EST

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To: ecommerceman who wrote (8954)	10/18/1999 9:01:00 AM
From: Spytrdr	of 13953

ETrade Sets Up German Division For Extensive Retail Development HANDELSBLATT American online brokerage firm ETrade Group Inc. is laying the foundations for its entry to the German market. According to information obtained by Handelsblatt, the group has recently set up ETrade Germany AG with local partners. The new company is expected to apply for a banking license in the next few days. The joint venture, set up by ETrade's contributing 60%, Berliner Effectenbank 35% and New York Broker Deutschland AG 5%, is to begin operations by the middle of next year. Appointments to its management board have not yet been made, Handelsblatt learned. The new company plans to develop an extensive retail-banking business. It will compete with Germany's market leaders Consors Discount Brokerage AG, Comdirect Bank and Direkt Anlage Bank. A significant market share is to be obtained within the first year of operation, and cooperation with banks and insurance companies is being considered as a way of gaining access to a broad customer base. ETrade is No. 2 in the U.S. online-brokerage market, with 1.5 million customer accounts. The undisputed market leader is Charles Schwab, with just less than three million online accounts. TD Waterhouse is in third place. ETrade plans to establish an online presence at the world's 20 leading financial centers.

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