EAST is getting very aggressive in Europe. Good moves in good, rapidly growing economies. FYI
CHARLOTTE, N.C., Jan. 6 /PRNewswire/ -- Eastbrokers International Incorporated (Nasdaq: EAST; Berlin
and Frankfurt Exchanges: ETB) announced today that its Austrian banking division, WMP Bank AG, entered into
an agreement to acquire a 43% equity interest in UNITRUST HOLDING SA, of Fribourg, Switzerland subject to
approval by the Swiss and Austrian Regulatory Authorities. The terms of the transaction were not disclosed.
UNITRUST HOLDING SA is the main shareholder of UNIVALOR SA, a Geneva based financial services
company which was founded in 1982. UNIVALOR SA specializes in deposit and custody services, brokerage, as
well as asset management.
``The strategic alliance with UNIVALOR SA, allows us to increase our assets under administration, custody and
management in Europe to over $300 million USD by the end of this year,' said Wolfgang Kossner, Vice Chairman
of the Board of Eastbrokers International. Currently, UNIVALOR SA has approximately $140 million USD in
client's deposits, investment program accounts and managed accounts.
In addition to the traditional banking aspects of this strategic alliance, UNIVALOR SA intends to utilize the Sutton
Online trading system. Sutton Online, LLC, an online trading firm (http://suttononline.com), was purchased by
Eastbrokers International in November, 1999. Sutton Online is aggressively expanding its presence in Europe and
has signed letters of intent with several European brokerages and online trading firms to offer its products and
trade executions for the US markets.
Eastbrokers International operates a highly diversified, international, investment banking and securities network. In
Europe, Eastbrokers operates WMP Bank AG, an Austrian bank and brokerage company as well as 6 other
brokerages throughout Central and Eastern Europe. In the United States, the Company operates EBI Securities
Corporation, an NASD member, full service, investment banking and brokerage firm with 20 offices, the JB
Sutton Group, a New York based investment banking and brokerage firm, as well as Sutton Online LLC, an
online trading firm. For further information about the company, please contact the US corporate headquarters at
704.643.8220 or by e-mail at info@eastbrokers.net |
