DBS Group Holdings Ltd (DBS), the largest banking group in Southeast Asia, and TD Waterhouse Group, the global online financial services company, have agreed this week to enter into a 50-50 joint venture, creating a regional online financial services powerhouse in Asia.
In a statement released by the two companies, it was explained that the new partnership will provide 'self-directed' investors with access to a broad range of global investment services through multiple channels, including call centres, Internet, mobile devices, web TV systems, or DBS branches. Customers will also have access to a broad range of financial products including mutual funds, placements and IPOs, fixed income investments, asset allocation tools and third-party research and information.
The new company will allow customers to trade stocks in Singapore, Hong Kong, the United States, Canada and other international markets. Initially the joint venture will serve customers in Hong Kong and Singapore with plans to expand into other Asian markets, with Hong Kong as the hub for North Asia and Singapore for Southeast Asia. DBS and TD Waterhouse will transfer their current Asian online trading accounts, as well as existing technology and systems, to the joint venture.
DBS Group's Vice Chairman & Chief Executive Officer, Philippe Paillart, described the joint venture as an important milestone in DBS's strategy to build an Asian securities powerhouse as it adds a world-class, self-directed online retail component to DBS's established retail advisory and institutional businesses. He said: 'Over the last twelve months we have been in a building phase, with the acquisition of a majority stake in Vickers Ballas, which is part of our efforts to boost our retail advisory business; as well as enhancing backroom processing and settlement capabilities through a joint venture with SGX.'
Mr Paillart added: 'Providing self-directed retail customers with a full range of investment options is the next step of our overall strategy. This joint venture allows us to leverage on TD Waterhouse's expertise in providing these financial services online and enables DBS to provide its customers with more financial products, from more countries, through more channels, in the shortest amount of time.'
Steve McDonald, Chief Executive Officer of TD Waterhouse, said: 'One of TD Waterhouse's key strategies is expanding our global reach. Bringing our services to new areas of Asia, such as Singapore, is an important part of this strategy, and we look forward to offering millions of customers in Asia the same high-quality online investing experience that has made us a leader elsewhere around the world. We are pleased to be allied in this effort with DBS Group, a recognized leader in Asia whose strong regional franchise and large distribution network will allow us to expand our presence quickly and effectively.'
Subject to various ancillary agreements and regulatory approvals, commencement of the joint venture business is expected by the end of the year
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