TD Bank of Canada

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Replied by kdb030609 on topic Re: TD Bank of Canada

Well here is one for the books. TD Bank of Canada is buying part of Bank of America. The part that used to be a non-bank called MBNA Canada. There was a non-bank USA part now FIA Card Services.

This story is from the Wall Street Journal Online dated August 15, 2011.

By CAROLINE VAN HASSELT

Toronto-Dominion Bank has quietly launched an assault south of the border, hungry for growth opportunities that have dried up in its home country.

Canada's second-largest bank by assets now has 1,285 retail branches in the U.S., compared with 1,131 in Canada. TD's retail-banking unit is the 10th-largest in the U.S., bulking up with four takeovers last year that deepened its reach in Florida and pushed TD into North Carolina and South Carolina. Some analysts expect TD Ameritrade Holding Corp., the online brokerage firm that is 43%-owned by TD, to bid for E*Trade Financial Corp. That could deliver yet another boost to the Canadian bank. TD declined to comment on the possibility of a takeover bid. On Monday, TD announced an agreement to buy Bank of America Corp.'s MBNA Canada, the fourth-largest credit-card issuer in Canada, for C$7.5 billion (US$7.64 billion) in cash, or a 1% premium above the portfolio's book value. As part of the deal, TD will assume C$1.1 billion in liabilities. The purchase, expected to be completed later this year, will more than double the bank's outstanding credit-card balances to C$16.7 billion, or about US$16.9 billion.


That's amazing considering RBC just sold of their US bank branches to PNC ! One bank is surging ahead after another is pulling back !
8 years 1 month ago #1

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Well here is one for the books. TD Bank of Canada is buying part of Bank of America. The part that used to be a non-bank called MBNA Canada. There was a non-bank USA part now FIA Card Services.

This story is from the Wall Street Journal Online dated August 15, 2011.

By CAROLINE VAN HASSELT

Toronto-Dominion Bank has quietly launched an assault south of the border, hungry for growth opportunities that have dried up in its home country.

Canada's second-largest bank by assets now has 1,285 retail branches in the U.S., compared with 1,131 in Canada. TD's retail-banking unit is the 10th-largest in the U.S., bulking up with four takeovers last year that deepened its reach in Florida and pushed TD into North Carolina and South Carolina. Some analysts expect TD Ameritrade Holding Corp., the online brokerage firm that is 43%-owned by TD, to bid for E*Trade Financial Corp. That could deliver yet another boost to the Canadian bank. TD declined to comment on the possibility of a takeover bid. On Monday, TD announced an agreement to buy Bank of America's Corp. MBNA Canada, the fourth-largest credit-card issuer in Canada, for C$7.5 billion (US$7.64 billion) in cash, or a 1% premium above the portfolio's book value. As part of the deal, TD will assume C$1.1 billion in liabilities. The purchase, expected to be completed later this year, will more than double the bank's outstanding credit-card balances to C$16.7 billion, or about US$16.9 billion.
8 years 1 month ago #2

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