Bank of China to acquire Hutchison CSFBdirect - FT
25 March 2002 | 3223 views | 0
Bank of China is to acquire Hong Kong-based online brokerage Hutchison CSFBdirect for an undisclosed sum, according to a report in the Financial Times.
Bank of China, Hutchison and CSFB expect the deal to be completed by May, says the paper. Terms of the sale agreement have not been disclosed.
Hutchison CSFBdirect is a joint venture between Hutchison Whampoa, the Hong Kong-based conglomerate, and Swiss banking group Credit Suisse First Boston.
The move follows a number of high profile withdrawals from the Asian online brokerage market, including Charles Schwab and JPMorgan Chase.