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E-Trade Buys Around 1m Brokerage Accounts from Capital One Financial for USD 109m
Wednesday 07 November 2018

7 November 2018 - US-based financial services company E-Trade Financial Corp. (NASDAQ: ETFC) has completed the acquisition and conversion of approximately 1m retail brokerage accounts from Capital One Financial Corp. for a purchase price of approximately USD 109m, the company said.

As of November 2, 2018, these accounts carried USD 15.4bn in total customer assets including USD 1.6bn in customer cash.

E-Trade expects 2019 EPS accretion to be better than the USD0.06 communicated at the time of the original announcement.

Pursuant to the terms of the agreement, the final acquisition price incorporates adjustments relating to the timing of closing, account closures or transfers prior to conversion, and other factors.

E-Trade Financial and its subsidiaries provide financial services including brokerage and banking products and services to retail customers. Securities products and services are offered by E-Trade Securities LLC (Member FINRA/SIPC).

Commodity futures and options on futures products and services are offered by E*TRADE Futures LLC (Member NFA). Managed Account Solutions are offered through E*TRADE Capital Management, LLC, a Registered Investment Adviser.

Bank products and services are offered by E-Trade Bank, and RIA custody solutions are offered by E-Trade Savings Bank, both of which are national federal savings banks (Members FDIC).
Details
Date Published: 07/11/2018
Target: Approximately 1m retail brokerage accounts
Country: USA
Deal Size: 109m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash
Status: Closed
Vendor: Capital One Financial Corp.
Buyer: E-Trade Financial Corp
Comment:
As of November 2, 2018, these accounts carried USD 15.4bn in total customer assets including USD 1.6bn in customer cash.

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