Bank, said Tuesday that it plans to take a 49% stake in a broker-dealer based in Bombay.

TD Waterhouse has signed a memorandum of understanding with Tata Finance Securities Ltd. and expects to form a new company, Tata Finance/TD Waterhouse, in January, said Stephen D. McDonald, chief executive of the brokerage and bank vice chairman. Terms of the agreement were not disclosed, but Mr. McDonald said the deal is expected to close in December.

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