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PR Newswire
16-12-2015, 10:21 AM
Any buddies caught by the closure? The online broker business model might not be viable in Singapore and Hong Kong.
E*Trade closing Singapore and HK operations
16 Dec 2015 09:00
By R Sivanithy
US ONLINE broker E*Trade is closing its operations in Singapore and Hong Kong in a shock move that will also see it surrender its stockbroking licence in Hong Kong.
Customers here were alerted to this when they logged on to the relevant websites and received a pop-up notice headlined "Important Notice for Singapore Customers: E*Trade is Discontinuing Brokerage Services in Singapore". The notice stated that the decision was made "after careful review" to discontinue brokerage operations for residents of Singapore.
"As a result, all E*Trade accounts held by Singapore residents will need to be closed," said the broker. Customers were advised to log on to their accounts to see what they needed to do.
For Hong Kong, the notice was more detailed, including the information that in addition to E*Trade giving up its stockbroking licence, local support for deposits and withdrawals will be discontinued on Feb 12, 2016, while local branch and customer service operations will be shut down on March 10, 2016.
Customers were urged to acknowledge their understanding of the closure as E*Trade said it would have to restrict accounts which did not provide acknowledgement by March 10.
...
Source: Business Times
E*Trade closing Singapore and HK operations
16 Dec 2015 09:00
By R Sivanithy
US ONLINE broker E*Trade is closing its operations in Singapore and Hong Kong in a shock move that will also see it surrender its stockbroking licence in Hong Kong.
Customers here were alerted to this when they logged on to the relevant websites and received a pop-up notice headlined "Important Notice for Singapore Customers: E*Trade is Discontinuing Brokerage Services in Singapore". The notice stated that the decision was made "after careful review" to discontinue brokerage operations for residents of Singapore.
"As a result, all E*Trade accounts held by Singapore residents will need to be closed," said the broker. Customers were advised to log on to their accounts to see what they needed to do.
For Hong Kong, the notice was more detailed, including the information that in addition to E*Trade giving up its stockbroking licence, local support for deposits and withdrawals will be discontinued on Feb 12, 2016, while local branch and customer service operations will be shut down on March 10, 2016.
Customers were urged to acknowledge their understanding of the closure as E*Trade said it would have to restrict accounts which did not provide acknowledgement by March 10.
...
Source: Business Times
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