[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.