NEW YORK The discount broker TD Waterhouse Group on Wednesday announced it plans to start a marketing joint venture in Southeast Asia with the Singapore bank DBS Group Holdings.
DBS and TD Waterhouse, which is mostly owned by Toronto-Dominion Bank, are to have equal stakes in the venture, a TD Waterhouse spokeswoman said. Financial terms of the deal, which is expected to close in the fourth quarter after getting regulatory and other approvals, were not disclosed.
The company is to sell investment services in Hong Kong and Singapore at first and may expand to Korea, mainland China, Thailand, and other markets, the spokeswoman said. TD Waterhouses business in Hong Kong would be rolled into the new company, she said.
On Monday TD Waterhouse and Banque Generale du Luxembourg launched Interaxx, a multichannel, multicurrency broker-dealer that gives high-net-worth investors access to 10 international markets.
TD Waterhouses international expansion in recent years has included entering Australia and Great Britain through acquisitions and establishing joint ventures in Japan and India.