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Article: E*TRADE FINANCIAL Marks Progress on Turnaround Plan.
- Article from:
- Business Wire
- Article date:
- February 11, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Company Anticipates $80 Million to Bolster Capital Position
NEW YORK -- E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) today announced that it has signed an Asset Purchase Agreement to sell substantially all of the assets of RAA Wealth Management, LLC (RAA) to PHH Investments, Ltd (PHH). This transaction and unrelated definitive and other transactions under contract, are subject to normal closing conditions, which when satisfied are anticipated to be completed within the next 90 days; as a result, the Company expects to generate approximately $80 million in proceeds.
As outlined last month in the details of its Turnaround Plan, the Company is actively ...