E*TRADE Goes Nordic
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In a move aimed at expanding its global presence to include the Scandinavian market, online financial company E*TRADE Group, Inc. today announced it signed a master licensing agreement to form E*TRADE Nordic.
Working with a start-up Swedish company backed by local entrepreneurs, the agreement will provide E*TRADE Nordic with exclusive rights to utilize E*TRADE's brand, technology, service and product lines in Sweden, Norway, Denmark, Finland and Iceland. Financial details were not disclosed.
"With the formation of E*TRADE Nordic we intend to capitalize on a highly developed region with one of the highest levels of PC and Internet usage in the world," said Judy Balint, president and chief operating officer of E*TRADE International.
"Because the Nordic countries were one of the earliest adopters of the Internet and their populations eagerly embrace new technology, we foresee the emergence of a vibrant and active online investing community through E*TRADE Nordic."
The Nordic region, which is projected by industry analysts to be among the fastest growing in Internet usage worldwide over the next several years, will join E*TRADE's other operations in Europe, Asia, Australia and Canada. The firm is based in Palo Alto, CA.
E*TRADE is an online "portal" targeted at users looking for market and investment information, portfolio management tools, and financial services.