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Short Take: Schwab in Japan deal

Japan's largest casualty insurance company, Tokio Marine & Fire Insurance, will form a joint venture with Charles Schwab to sell stocks in Japan over the Internet starting next year, Bloomberg News, reports, citing a story in Japan's Nihon Keizai newspaper. Initially capitalized at $82 million, the venture has Schwab holding 50 percent, Tokio Marine 30 percent, and Bank of Tokyo-Mitsubishi, Mitsubishi Trust & Banking, and Meiji Life Insurance dividing the remainder.

Japan's largest casualty insurance company, Tokio Marine & Fire Insurance, will form a joint venture with Charles Schwab to sell stocks in Japan over the Internet starting next year, Bloomberg News, reports, citing a story in Japan's Nihon Keizai newspaper. Initially capitalized at $82 million, the venture has Schwab holding 50 percent, Tokio Marine 30 percent, and Bank of Tokyo-Mitsubishi, Mitsubishi Trust & Banking, and Meiji Life Insurance dividing the remainder.