E*Trade Invests in E-Loan
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The details of the investment were not released.
E*Trade exercised warrants granted to it last year when it signed a three-year agreement with E-Loan, making the service the brokerage's exclusive multi-lender partner.
Christos Cotsakos, E*Trade's chief executive officer and chairman-elect, said the increased investment was due in part to the enthusiastic response the brokerage has seen since first incorporating E-Loan on its site.
Cotsakos said increasing its stake in E-Loan is E*Trade's latest move to establish itself as a leader in online financial services.
The move comes one day after the brokerage announced plans to launch a new investment bank that would give clients expanded service and allow them to get in on initial public offerings.