National Discount Brokers Group, Inc. was up 3/16 to 55 11/16 in early trading Tuesday after Deutsche Bank, the world’s largest financial services company, agreed to take a stake in the brokerage as part of a plan to create a global e-commerce alliance.
The companies said they will “create jointly owned online brokerage capabilities outside the United States.” Deutsche Bank will purchase 3 million NDB common shares, or a 14.6 percent equity stake, giving NDB gross proceeds of $135.93 million.
Michael Philipp, head of global equities at Deutsche Bank, called the agreement “a major stepping stone to reach online customers without having to rely on bricks and mortar.”
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