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  • Softbank, E*Trade to Establish Electronic E-Securities Firm in Japan
  • June 9, 1998 (TOKYO) -- Softbank Corp. and E*TRADE Group Inc. of the United States said they will establish a joint venture company for electronic securities transactions in Japan.
    It is tentatively named "E*Trade KK." Initially, the ratio of share ownership will be 58 percent by Softbank Group and 42 percent by E*Trade.

    The new company is scheduled to be established in June 1998. It will provide services such as electronic securities transactions through the Internet.

    In the United States, the ratio of online transactions in relation to all stock transactions by individual investors has been increasing each year. The new company is being established based upon an expectation that such development of electronic transactions, along with deregulation of stock-handling commissions in Japan, will vitalize the securities market in Japan.

    The new company will also promote partnerships with the Softbank Group. Under consideration are possibilities such as marketing cooperations with Yahoo Japan Corp., which operates an Internet search site; GeoCities Japan Corp., which provides free home pages; and with Morningstar Japan, which specializes in financial ratings in the field of investment trust business.

    The plan is to capitalize the new company at 2.7 billion yen (US$19 million). Yoshitaka Kitao, senior vice president and CFO of Softbank, will serve as the representative for the new company before its actual establishment.

    More information in English is at: http://www.etrade.com/visitor/press/pr060398.html

    (High-Tech News Center)


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    Updated: Mon Jun 8 16:54:40 1998