Ecorp Launches Finance JV
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[Sydney, AUSTRALIA] ecorp, PBL's online wing and the U.S. Charles Schwab Corporation have launched a 50:50 owned joint venture offering financial products and services via the Web, telephone, local branches and shopfronts.
Charles Schwab Australia will market investor products such as an equities and derivatives trading service; a Web site offering research content, portfolio management planning tools and interactive charts; and a combined investment and banking product with cash access via ATMs.
The JV plans to shake up the financial sector by providing increased flexibility and a Web focus. "Charles Schwab will deliver Australian investors an offering that the marketplace has been missing - a value priced broker that provides customers with the support, expertise and tools to trade with confidence," claimed Lynnda Sarinske, chief executive officer of Charles Schwab Australia.
The JV plans to extend its range later next year to include managed funds, margin lending, and the ability to trade U.S. equities. A retail service team has been set up to assist customers with the offering, which will eventually be expanded to include advisory services.