Charles Schwab Canada Sold to Scotiabank Group.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Feb. 13, 2002 The Charles Schwab Charles Schwab can refer to:
A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Charles Schwab Canada, Co., to the Scotiabank Group. The transaction is expected to close in the next 60 days, subject to regulatory approval. Financial terms of the sale are not being disclosed. Under the agreement, the Scotiabank Group will acquire a client base in both self-directed and full service brokerage representing US$950 million in assets. Scotiabank will also obtain Charles Schwab Canada's workforce and infrastructure. The transition process is expected to take several months. During that time, Charles Schwab Canada will continue to offer services and share trading through all channels (branch, web, phone and wireless). Clients will receive detailed information about the integration plan and expanded service options with Scotiabank Group throughout the next several weeks. "The decision to sell our Canadian business Canadian Business is the longest-publishing business magazine in Canada. It was founded in 1928 as The Commerce of the Nation, the organ of the Canadian Chamber of Commerce. The magazine was renamed Canadian Business in 1933. did not come easily," said Bill Atwell, Executive Vice President, Schwab International. "Since launching the business in 1999, we have established Charles Schwab Canada as a premiere integrated brokerage firm. We achieved significant growth, but not enough to bring us to our goal of top tier market share. As a result, we concluded that our best business strategy is to pass on what we started to a local firm that shares our commitment to the client. I'm confident that our legacy of service and innovation will continue and flourish within the Scotiabank Group," Atwell added. Schwab and Scotiabank are committed to making the transition as smooth as possible for clients and staff. Paul Bates Bates , Katherine Lee 1859-1929. American educator and writer best known for her poem "America the Beautiful," written in 1893 and revised in 1904 and 1911. , President and Chief Executive Officer of Charles Schwab Canada is personally committed to the seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. of the two offerings, and will work closely with management from Scotiabank Group. "We look forward to welcoming Schwab clients to the Scotiabank Group and are committed to providing them with a high standard of service excellence and value-added features. These features include access to our top-ranked Scotia Capital equity research as well as a leading edge and totally integrated online financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. platform including banking, borrowing, investing and other financial tools -- all backed by our top ranked capability for client service," said James Werry, head of Scotiabank Group's retail brokerage businesses. The Charles Schwab Corporation (NYSE NYSE See: New York Stock Exchange :SCH SCH School SCH Schedule SCH Search SCH Semester Credit Hours SCH Santander Central Hispano (bank in Spain) SCH Socket Head SCH Synchronization Channel SCH Succinylcholine SCH Space Center Houston ), through Charles Schwab & Co., Inc. (member SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. / NYSE), U.S. Trust Corporation, CyberTrader, Inc. (member SIPC / NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). ) and its other operating subsidiaries, is one of the largest financial services firms in the U.S. serving 7.8 million active accounts with $846 billion in client assets through 429 domestic offices, five regional client telephone service centers and automated telephonic and online channels. The Charles Schwab & Co., U.S. Trust and CyberTrader web sites can be reached at www.schwab.com, www.ustrust.com and www.cybertrader.com, respectively. Scotiabank's Wealth Management Group incorporates the key personal investment and advisory activities within the Scotiabank Group, offering clients a comprehensive range of products and services encompassing mutual funds, full-service and direct investing brokerage, and private banking and trust in Canada and abroad. Scotiabank Group is one of North America's premier financial institutions, with more than $179 billion (C$284 billion) in assets and approximately 51,000 employees worldwide, including affiliates. It is also Canada's most international bank with more than 2,000 branches and offices in more than 50 countries. Visit us at www.scotiabank.com. (0002-5883) |
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