We are excited to share the news that Ally is expanding its digital product offerings and adding wealth management services to the portfolio. We have agreed to acquire TradeKing Group, Inc., a digital wealth management company. Through TradeKing, Ally will be offering on-line brokerage and digital portfolio management.
Since its launch 11 years ago, TradeKing has raised the bar considerably in the online brokerage segment and built a great firm. And, similar to Ally, TradeKing has a strong customer-centered philosophy, which was top of mind in ensuring our relentless focus on delivering the highest level of service, value and innovation to our Ally customers. When we added up all the things that were important to us, we determined TradeKing was an excellent fit.
The transaction is expected to close in the third quarter. Following that, we plan to offer both Ally’s banking services and TradeKing’s wealth management services in an integrated fashion, allowing us to deepen our relationship with you as an ally to your financial well-being.
We’ll keep you posted on those developments. In the meanwhile, further details can be found in our press release.