FYI:
(COMTEX) B: TD WATERHOUSE GROUP INC - Signs Joint Venture with India'
B: TD WATERHOUSE GROUP INC - Signs Joint Venture with India's Tata Finance
Toronto, Ontario, Feb. 08, 2000 (Market News Publishing via COMTEX)
-- TD Waterhouse Group Inc., a leading online financial services firm
and the world's second largest discount broker, signed an agreement for
its joint venture with India's Tata Finance Limited. The combined
company, to be called Tata Finance TD Waterhouse Ltd., will launch
financial services in India by providing a full array of capabilities
and with heavy emphasis on brokerage and online trading. The new joint
venture will be headquartered in Mumbai (Bombay), India. Under the
agreement, TD Waterhouse will own 49.9% of the joint venture entity.
"With over 25 million investors and rapid Internet penetration, India
is a growth market with tremendous business potential. In fact, we
believe it is one of the top growth markets for financial services,"
said Stephen McDonald, Chief Executive Officer of TD Waterhouse.
"Together with Tata, we will become the premier financial services
company in India."
"We have selected TD Waterhouse as our partner as it truly has a
global vision for financial services that will benefit our customers,"
commented Dilip Pendse, Managing Director, Tata Finance Limited.
Initially, Tata Finance TD Waterhouse Ltd., will operate from Tata's
branch network of 75 branches throughout India. The firm will initiate
online trading once approvals are obtained.
NOTE TO EDITORS: TD Waterhouse Group, Inc. (NYSE: TWE; TSE), also
known as "TD Waterhouse", a leading online financial services firm and
the world's second-largest discount broker, provides investors with a
broad range of brokerage, mutual fund, banking and other consumer
financial products on an integrated basis. Worldwide, TD Waterhouse
currently services over 3.1 million customer accounts in the United
States, Canada, Australia, Hong Kong and the United Kingdom. Recently,
it announced a joint venture in Japan (with The Bank of
Tokyo-Mitsubishi, Ltd.) to pursue online financial services in that
country. TD Waterhouse completed an initial public offering in the
U.S. of approximately $1 billion in June 1999
TD Waterhouse can be found on the Internet at
tdwaterhouse.com.
TD Waterhouse Investor Services (UK) Limited recently announced the
launch of online trading in the UK and the successful completion of the
acquisition of YorkSHARE Limited, the former execution only discount
broker of Yorkshire Building Society.
Tata Finance Securities Limited, a subsidiary of Tata Finance Limited,
is a leading financial services company in India with a countrywide
branch network. Tata Group is one of India's largest and most respected
business houses. The $7.9 billion conglomerate is based in India and
has a strong presence in the financial services, information
technology, automobile, steel, cement and hospitality sectors.
Tata Finance Securities Limited is a primary dealer licensed by the
Reserve Bank of India and is a member of the National and Bombay stock
exchanges.
This release may contain forward-looking statements. The statements,
which reflect management's beliefs and expectations, are subject to
risks and uncertainties that may cause actual results to differ
materially from these statements. For a discussion of risks and
uncertainties, please refer to the Company's filings with the
Securities and Exchange Commission.
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TEL: (212) 806-3643 Information or a photograph, Jill Totenberg
TEL: (212) 806-3643 Information or a photograph, Jill Totenber
EMAIL: jilltotenberg@tdwaterhouse.com
TEL: (212) 908-7187 Lazaro Benitez
EMAIL: lazarobenitez@tdwaterhouse.com
both of TD Waterhouse Group
INET: www.tdwaterhouse.com
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