E-TRADE TO BUY RIVAL BROKERAGE WEB STREET

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(May 21, 2001) -- E-Trade Group reached an agreement to acquire rival online broker Web Street Inc. in a stock swap worth $45 million.

The deal includes the 34,000 accounts of the Web Street Securities online brokerage in the U.S. and Germany and financial services centers in Beverly Hills, Calif., Boston, Denver and San Francisco. The centers will be converted into E-Trade Center locations, similar to the pilot store that opened in New York in April. -- Mercedes Cardona

Copyright May 2001, Crain Communications Inc.

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