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Non-Tech : TD Waterhouse Group (TWE) -- Ignore unavailable to you. Want to Upgrade?

To: OldAIMGuy who wrote (727)	8/5/1999 9:03:00 AM
From: Zardoz	Read Replies (1) \| Respond to of 1413

TD Waterhouse Group to Offer Trading in Hong Kong Stocks HONG KONG, Aug. 5 /CNW/ -- TD Waterhouse Group, Inc. (NYSE: TWE; Toronto) today announced that the Council of the Stock Exchange of Hong Kong Limited (SEHK) has granted approval for it to become a SEHK Member, and the Securities and Futures Commission has also granted it a Securities Dealer license allowing it to trade in Hong Kong securities, the first foreign discount broker to be approved. Based on these approvals, TD Waterhouse expects to launch local stock trading during the final calendar quarter of 1999 and electronic trading in the first quarter of 2000. At the same time, TD Waterhouse has also acquired a seat of the SEHK from a leading Hong Kong brokerage, Harvester (Securities) Co. Ltd. ("Harvester"). Harvester's managing director, Mr. Clifton Chiu, will become vice-chairman of TD Waterhouse in Hong Kong. Financial terms were not disclosed. Stephen D. McDonald, Chief Executive Officer of TD Waterhouse, said, "Adding stock trading in Hong Kong is an important step in our global strategy of being a significant player in every market we enter. TD Waterhouse has a history of successful international expansion, and we expect this to continue in Hong Kong, Japan and other high-growth markets. The Internet is revolutionizing the brokerage industry and TD Waterhouse is at the forefront of these changes." About Harvester Established in 1973, Harvester is a leading mid-size broker in Hong Kong, known for its solid, prudent approach. Its managing director, Clifton Chiu, is highly respected in the financial services industry in Hong Kong. He currently serves as Deputy Chairman of the Takeovers and Mergers Panel of the Securities and Futures Commission and has also previously served as a Council Member and Deputy Convenor of the Listing Committee of the Stock Exchange of Hong Kong. Mr. Chiu said, "We are pleased to join with TD Waterhouse to expand the options available to Hong Kong investors, and to contribute our strong local knowledge and experience. As the world's second-largest discount brokerage, TD Waterhouse not only offers its customers reassurance and security, but also the resources to further develop its global service portfolio." TD Waterhouse Group operates in Hong Kong, Canada, Australia, the United Kingdom and the United States, where TD Waterhouse operates the country's third-largest discount brokerage firm. The businesses in Canada, Australia, Hong Kong and the United Kingdom operated under the Green Line Investor Services name until July 7, 1999. The name change coincided with TD Waterhouse's initial public offering of approximately US$1 billion in June 1999. It was the largest IPO of an Internet-related company and the 14th largest IPO in New York Stock Exchange history. The company trades on the New York and Toronto Stock Exchanges under the symbol "TWE." Proceeds of the IPO are being used to pursue key elements of TD Waterhouse's business strategy including: leveraging the Company's technological expertise to enhance its customers' experience; enhancing the Company's financial performance by building key businesses; continuing the Company's international expansion; building brand awareness on a global basis; expanding products and services; and building customer assets by focusing on high-growth, profitable market segments. TD Waterhouse provides investors with a broad range of brokerage, mutual fund, banking and other consumer financial products on an integrated basis. The firm has over 2.8 million customer accounts and US$113 billion in assets under administration. TD Waterhouse's principal shareholder is the TD Bank, which owns 88.5% of the company. TD Bank is the fifth-largest bank in Canada, with assets of more than US$142.8 billion as of April 30, 1999. Rated Aa3 and AA- by Moody's Investors Service and Standard & Poor's Ratings Group respectively, TD Bank has one of the highest securities ratings of any major North American bank. -30- For further information: Melissa Gitter of TD Waterhouse Group, Inc., 212-806-3522, or Oliver Ng of TD Waterhouse, Hong Kong, 2846-4187; or Viola Cheung of Hill and Knowlton, Hong Kong, 2894-6303, for TD Waterhouse Group, Inc. newswire.ca