Hong Kong-based Pacific Century Cyberworks Ltd (PCW) and Chase JF, formed after Chase Manhattan Corporation acquired Jardine Fleming earlier this year, will invest an initial US$30m into their online securities trading service, 2cube Securities Ltd, which launched in June this year.
The 50:50 joint venture between PCW and Chase JF, the Asian investment banking and asset management unit of Chase Manhattan, will allow customers to trade Hong Kong-listed securities via the Internet, mobile phones, and touch-tone phones, at a commission rate of 0.18 per cent of the value of the trade.
Chase Manhattan's Chairman for Asia Pacific, Antony Leung, said: 'While entering the market at a time of change, we are confident that 2cube Securities will be successful.' PCW's Deputy Chief Executive Officer, Norman Yuen, said the move was part of the company's plan to become a leading Asian interactive, multimedia, entertainment and communications company.
The companies said 2cube's target market would be well-educated, affluent investors needing information, integrated account management, privacy and security: 'With the combined strengths of its parent companies in expertise and resources, 2cube is set to be the premier provider of online trading and financial services to retail investors in Hong Kong.'
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment