Schwab, Tokio Marine Will Open Full-Service Brokerage in Japan
June 7, 1999
The Charles Schwab Corp. of San Francisco and Tokio Marine & Fire Insurance Co. of Tokyo plan to establish a full-service brokerage firm in Japan this fall. They plan to establish a brokerage office in Tokyo, as well as a web site and a 24-hour telephone service center that will offer investors U.S. stocks and bonds, as well as Japanese and offshore investment trusts.
Schwab will own 50 percent of the new entity and Tokio Marine 30 percent. The remaining 20 percent will be owned by three Japanese companies - The Bank of Tokyo-Mitsubishi, Ltd., The Mitsubishi Trust and Banking Corp. and the Meiji Life Insurance Co.