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Article Excerpt
M2 PRESSWIRE-30 September 2008-Stockwire.com: E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) just released some important news.(C)1994-2008 M2 COMMUNICATIONS LTD
RDATE:30092008
E*TRADE FINANCIAL Corporation (NASDAQ: ETFC), just announced E*TRADE Closes Sale of IL&FS Investsmart Shares to HSBC.
A dedicated Chat Room for E*TRADE FINANCIAL, has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat
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NEW YORK -- E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) today 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 ("Investsmart"), 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...
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