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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Spytrdr who wrote (8957)	10/18/1999 8:51:00 AM
From: Spytrdr	Respond to of 13953

Berliner Effekten, ETrade Establish Joint Venture in Germany 10/18/99 1:29:00 AM Source: Bloomberg News Berlin, Oct. 18 (Bloomberg) - Berliner Effekten-gesellschaft AG, a German broker, said it's formed a joint venture with ETrade Group Inc., the second-biggest U.S. online broker, to expand its Internet activities. Berlin Effektenbank AG, the brokerage arm of Berliner Effektengesellschaft, will have a 35 percent stake in the joint venture, while ETrade will own 60 percent of the company, to be called ETrade Germany AG. The company's services will be aimed at private investors. Quote Snapshot EGRP 25 1/16 0 Enter symbol: ú Symbol Lookup More from CNET Investor Quotes delayed 20+ minutes The Berlin-based company ``has once again how it can quickly adjust it strategy to the changing and increasingly global capital markets,' Berliner Effektengesellschaft said in a statement. The company said it will keep a 30 percent stake in Online Securities Inc. and a holding in First Quote Inc. E*Trade Germany will be entering an increasingly competitive domestic market, with the likes of Consors Discount-Broker AG, Commerzbank AG's Comdirect Bank GmbH and HypoVereinsbank AG's Direkt Anlage Bank AG vying for market share. The German venture still requires permission for a full banking license, the Berlin-based company said, and aims to start activities in mid-2000. Further details of the project will be given at a press conference on Oct. 20. Berliner Effektengesellschaft, formerly known as Berliner Freiverkehr AG, said in August profit in the first six months of 1999 rose 90.6 percent to 12.9 million euros ($13.8 million) from 6.8 million euros in the year-ago period. Income from commissions and its own trading more than doubled to 30.7 million euros. Berliner Effektengesellschaft shares rose as much as 1 euro, or 4 percent, to 26 euros.