E*TRADE FINANCIAL Corporation Increases Equity Stake in E*TRADE Korea

Wednesday 16 June 2004 08:57 CET | News

E*TRADE FINANCIAL Corporation has increased its equity stake in E*TRADE Korea, while renegotiating its licensing agreement to better serve both parties.

The agreement advances E*TRADE FINANCIALs international partnership strategy -- which includes branded operations in nine international locations including E*TRADE Australia and E*TRADE Japan. Following the transaction, E*TRADE FINANCIALs holding in E*TRADE Korea will increase from 10% to 13%. The deal was effective Friday, June 11. Under the prior licensing arrangement, E*TRADE FINANCIAL had the obligation to develop software, provide hardware and maintain the E*TRADE Korea website. Under the new agreement, the Company will transfer those obligations to E*TRADE Korea. E*TRADE FINANCIAL will continue to retain and own the licensed marks, domain names, technology and all proprietary rights as defined in the agreement. Founded in 1999 as Koreas first pure-play online investing firm, E*TRADE Korea offers trading in Korea Stock Exchange (KSE) listed securities, as well as Kosdaq (Korean equivalent of U.S.-based Nasdaq) equities, futures, options, beneficiary certificates and mutual funds. In addition, E*TRADE Korea offers a suite of financial products and services that have made E*TRADE-branded sites leaders in their respective markets, including real-time quotes, market news, account information, investor education, bulletin boards and online help features.

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Categories: Payments & Commerce | Payments General
Countries: World
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