St George wins broking deal

St George Bank has signed an agreement with the local arm of US broking giant Charles Schwab to provide corporate banking, cash management and transaction processing services.

Charles Schwab Australia is a 50/50 joint venture between San Francisco-based Charles Schwab Corporation and Australian Internet company Ecorp.

Charles Schwab launched here last week with an equities and derivatives trading service and other related financial services.

Lynnda Sarinske, chief executive of Charles Schwab Australia, said: "[We] selected St George because of its technological approach and its drive to provide the best customer solutions."

The market value of the deal was not disclosed.

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