ANZ and E*Trade get cosy

ANZ Bank and E*Trade Australia have formed a partnership that will see the online broker have access to ANZ's four million customers.

Bank officials said the partnership was part of ANZ's strategy to build its e-commerce profile.

The alliance will involve ANZ and E*Trade offering online share trading services to ANZ's customers in Australia and New Zealand.

ANZ and E*Trade will establish a co-branded, online share-trading service that E*Trade will manage.

The ANZ-E*Trade service will be accessible from ANZ's Internet site, and ANZ will become the preferred supplier of banking products and other financial services to E*Trade customers, ANZ officials said.

The agreement also includes the opportunity for ANZ to take a 40 per cent equity in E*Trade, depending on the alliance's success.

E*Trade will issue ANZ with shares based on the share of E*Trade's trade volume generated by ANZ customers.

Initially, E*Trade will issue ANZ with six million shares, or 10 per cent of its enlarged capital.

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