Business Services Industry
AUSTRALIA'S ANZ INCREASES STAKE IN E*TRADE TO 35 PCT.
AsiaPulse News, April, 2002
MELBOURNE, April 3 Asia Pulse - ANZ Banking Group Ltd (ASX:ANZ) has increased its stake in online stockbroker E*Trade Australia (ASX:ETR) to 35 per cent, from 28.33 per cent, with the issue of more than nine million "milestone" shares.
Under a three-year alliance with E*Trade, approved by shareholders in August 1999, ANZ receives milestone shares in return for marketing the ANZ-E*Trade co-branded service to its customers.
It had the right to be issued up to 35 per cent of shares in E*Trade.
Customers introduced by ANZ now exceed 35,000 accounts, or more than 37 per cent of the total customer base.
In the final milestone period, the six months to September 29, 2002, a bonus five per cent shareholding could be earned if ANZ-E*Trade...
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