E-Trade Goes From Stocks To Boats

E-Trade Group Inc. keeps rolling into new markets.
E-Trade Group Inc. keeps rolling into new markets. The Internet-based financial-services company last week said its E-Trade Bank division will acquire the consumer-finance business Ganis Credit Corp., a U.S. subsidiary of Deutsche Bank AG, for about $101 million. The deal is expected to close sometime next year. It will let E-trade offer consumer loans for recreational vehicles such as campers, boats, and snowmobiles, and give E-Trade $1.7 billion in existing loans.

E-Trade, which made its name as one of the largest online-only discount brokerages, has been working to become a full-service financial institution through acquisitions over the past several years.

A third of its revenue comes from broker fees and commissions, with mortgages and other services making up the rest. Mitch Caplan, president and chief operating officer, says that by adding more products, E-trade will be able to cross-sell to customers and offer one-stop online and in-person services.

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