E*Trade Australia contracts with Wilco for Summit back office system

E*Trade Australia contracts with Wilco for Summit back office system

E*Trade Australia is to renew its licence for the Summit back office clearing and settlement system, recently acquired by ADP subsidiary Wilco International from Computershare, on an in-house implementation basis.

Subject to finalisation of formal contractual matters, E*Trade Australia will bring the clearing and settlement process in-house using Summit, effective from 1 July 2001.

E*Trade Australia offers investors automated securities order placement, along with portfolio tracking, charting and quote applications, real-time company announcements, news and other information services.

In a separate announcment, E*Trade Bank has acquired more than 15,000 customer deposit accounts, currently valued at over $389.7 million, from Pennsylvania-based Advanta National Bank. The acquisition is expected to be accretive to both revenue and earnings.

Mitch Caplan, managing director, North America and chief global banking and wealth management officer of E*Trade Group, says: "The acquisition of Advanta's high balance accounts is another strong manoeuvre, allowing us to expand our customer base and capture a greater share of assets per household, while keeping acquisition costs low and improving profitability."

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