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Non-Tech : Charles Schwab (SCH) -- A tech-stock profile?
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To: capitalistbeatnik who wrote (616)6/2/1999 7:07:00 AM
From: Craig A  Read Replies (1) of 1390
 


Charles Schwab coming to Tokyo

By Bill Clifford, CBS MarketWatch
Last Update: 2:06 AM ET Jun 2, 1999 NewsWatch

TOKYO (CBS.MW) -- Charles Schwab Corp. is coming to Tokyo, the latest American broker eager to court Japanese individual investors.

Online supremo Schwab (s: sch) and Tokio Marine & Fire Insurance Co., Japan's top property and casualty firm, agreed Wednesday to set up a retail brokerage in Japan this autumn.


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5/28/99 5:29:56 AM ET




Schwab and Tokio Marine (TKIOY: news, msgs) will jointly manage the new venture. The brokerage will initially offer trading in U.S. stocks and bonds as well as Japanese and offshore investment trusts (mutual funds). Trading in Japanese stocks will be offered early next year, the partners said.

Individual investors will be able to trade via a Web site, a 24-hour telephone service center and a branch office in Tokyo.

Although the initial capitalization of the new company has not been decided yet, Schwab will take a 50 percent stake and Tokio Marine will own 30 percent.

The remaining 20 percent stake is expected to be held jointly by three financial institutions allied with Tokio Marine in the Mitsubishi Group—Bank of Tokyo-Mitsubishi (MBK: news, msgs), Mitsubishi Trust and Banking and The Meiji Life Insurance Co..


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