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Non-Tech : Wit Capital Group Inc - (Nasdaq - WITC) -- Ignore unavailable to you. Want to Upgrade?

To: Henry Volquardsen who wrote (825)	10/18/1999 1:34:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 845

Mitsubishi,Wit Capital to form online investment firm. Monday October 18, 12:15 am Eastern Time M'bishi,Wit Capital to form online investment firm TOKYO, Oct 18 (Reuters) - Mitsubishi Corp and U.S. on-line investment firm Wit Capital Group Inc (NasdaqNM:WITC - news) are in final talks to jointly set up an on-line investment banking company in Japan, a Mitsubishi executive told Reuters on Monday. Sanwa Bank and other companies are expected to take a stake in the Internet joint venture in which Wit Capital will have the biggest share and which will be capitalised at around eight billion yen, the executive said. Kyodo News reported on Sunday that Sanwa Bank and Mitsubishi will each hold a 10 percent stake in the venture. Major brokerage Nikko Securities Co may also invest in the firm, the report said. Details about the new firm will be announced in the near future after a formal agreement has been reached, the Mitsubishi official said. The new company will create investment funds to support venture companies with growth potential. It will also offer opportunities to invest in initial public offerings of those companies through the Internet, along with other on-line investment services. biz.yahoo.com