Negotiations Between E*trade And St George Ongoing

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By Rudi Filapek-Vandyck

Negotiations between E*trade (ETR) and St George Bank (SGB) about a wholesale broking service agreement following E*trade’s acquisition of HSBC Stockbroking are still ongoing, according to E*trade CFO and group company secretary Mark Zworestine.

In a telephone conversation with FN Arena News, Zworestine said that if the current negotiations between the two had not led to a positive outcome, the company would no doubt have made an official announcement about it, just as it did regarding the failed merger talks with IWL (IWL).

The Australian Financial Review reported this morning St George Bank is in talks to acquire a majority stake in Ord Minnett, one of the top equity firms in Australia in the early nineties. It was owned by Westpac (WBC) back then.

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