E-TRADE (ETFC) Completes Sale of IL&FS Investsmart Shares to HSBC
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E-TRADE FINANCIAL Corporation (NASDAQ: ETFC) announced that its indirectly wholly-owned subsidiary, E*TRADE Mauritius Limited, has completed the sale of 100 percent of its equity shares in IL&FS Investsmart Limited, an India-based financial services organization, to HSBC, through its Group subsidiaries. The sale will yield approximately $145 million in proceeds to E*TRADE.
“We are pleased with the success E*TRADE has had identifying and executing on non-core asset sales, marking solid progress against our 2008 Turnaround Plan,” said Donald H. Layton, Chairman and Chief Executive Officer, E*TRADE FINANCIAL Corporation. “With the sale of E*TRADE Mauritius’ equity stake in IL&FS, non-core asset sales for the year have generated more than $700 million in proceeds, a testament to the success of our Turnaround Plan and our commitment to raising capital in an efficient and shareholder-friendly manner.”
The E*TRADE FINANCIAL family of companies provides financial services including trading, investing and banking for retail and institutional customers. [SM]
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