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Toronto-Dominion Bank (TD)

  • Oct. 15, 2013, 1:05 PM
    • The biggest barriers to TD Bank buying Citizens are price and integration risk, says CIBC's Rob Sedran, responding to weekend speculation the Canadian lender is thinking about bidding for RBS's U.S. retail banking business. "Given the overlap with TD’s existing footprint, there is no question that such an acquisition would be a strategically attractive one, turning the bank’s already solid platform into dominant one in terms of deposit market share in the U.S. Northeast."
    • Sedran does note the size of the deal - maybe as much as $13B - is too large for the Canadian market to absorb, and TD bank might need to get creative, such as a spinoff of another of its operations. He also reminds "not interested" was TD management's answer last year when asked about Citizens. What facts have changed since?
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  • Oct. 13, 2013, 6:16 PM
    • TD has long coveted Royal Bank of Scotland's (RBS) Citizens Bank, reports the Sunday Times, but its interest has grown since this summer. For its part, RBS has played it cool over its desire for a quick sale - publicly continuing to target late 2014 or early 2015 as a time frame for an IPO - but U.K. politicians (the government owns 82% of the bank) are pressing the bank and new CEO Ross McEwan to focus on domestic lending and building capital.
    • Citizens Bank is estimated to be worth as much as £8B.
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  • Mar. 13, 2013, 4:20 PM
    Target (TGT) completes the $5.7B sale of its U.S. Visa and private-label card portfolio to TD Bank Group (TD). The agreement includes a seven-year deal for TD to be the exclusive issuer of Target-branded Visa and private label consumer credit cards to TGT's U.S. customers.
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  • Mar. 6, 2013, 2:27 PM
    Take a number if you have interest in Bankia's City National Bank of Florida. Among those expected to put in a bid are TD, BBT, PNC as well as two healthier Spanish lenders. Goldman is leading the sale and is asking $900M-$1B, while sources say $600M-$800M will get it done. "It is a nice little property ... but it is not a must-have," says one source, playing it cool.
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  • Dec. 18, 2012, 2:53 PM
    PNC Financial, TD Bank, BB&T (BBT) and BankUnited (BKU) are among the potential bidders as Spain's troubled Bankia looks to raise cash by putting its Florida unit - City National Bank of Florida - up for sale. With 26 branches, $4.3B in assets, and a loan book doing quite well for Florida, the business could fetch in the area of $500M.
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  • Dec. 6, 2012, 7:06 AM
    TD Bank (TD) expands its U.S. wealth management business with a deal to buy Epoch Holding (EPHC) for $668M cash, or $28/share (Wednesday's close: $21.91). The bank expects to add about $24B in AUM to the $207B it already has. (PR)
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  • Oct. 22, 2012, 12:57 PM
    Royal Bank of Canada (RY) may have beaten out TD Bank (TD) in a weekend bidding war to grab Ally Financial's Canadian operations in a deal valued at more than $4B, according to sources. The situation is fluid, with the possibility of an announcement today or even TD coming in with a better offer.
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  • Aug. 17, 2012, 6:35 AM
    BankUnited (BKU) is considering offers of around $25 a share from Toronto-Dominion Bank (TD) and BB&T (BBT), The NY Post reports, although the Florida-based firm is not in formal negotiations. The bids are below BankUnited's close of $25.70 yesterday and its asking price of $27-$29.
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  • Aug. 3, 2012, 7:43 AM
    RBS - continuing to lose money, beset by the Libor scandal, and with the government threatening nationalization - may have to unload its U.S. commercial banking operation (Citizen's Bank), reports the NYPost. TD Bank (TD) was among the interested parties, but the two were far apart in price, say sources, and talks are not currently active.
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  • Feb. 17, 2012, 5:17 AM
    Ally Financial is reportedly considering a sale of all or part of its auto lending and banking businesses; an IPO is still a possibility, but is looking increasingly remote. Logical buyers for the various pieces include JPMorgan (JPM), Toronto-Dominion (TD), Wells Fargo (WFC) and GM (GM).
  • Feb. 2, 2012, 2:12 PM
    Barclays (BCS +0.9%) is considering buying Toronto Dominion (TD -0.3%), RBC (RY -1.2%) or PNC Financial (PNC +0.3%) according to Fox Business News.
  • Jan. 18, 2012, 6:20 AM
    Toronto-Dominion Bank (TD) and BB&T (BBT) reportedly submitted preliminary bids late yesterday to buy BankUnited (BKU), which was put up for sale last week and is expected to fetch over $2B. The suitors want to expand in Florida despite its real-estate turmoil and other problems.
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  • Nov. 22, 2011, 1:45 PM
    Following a tumultuous autumn, Jefferies (JEF +0.1%) CEO Richard Handler is "weighing whether the firm can remain independent," according to Fox Business' sources. One source thinks Handler may try to merge Jefferies with an asset management firm, while Dick Bove believes a Canadian bank such as RY or TD is a likely suitor. (more)
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  • Aug. 15, 2011, 8:01 AM
    Bank of America (BAC) is exiting the international credit card business, selling its $8.6B Canadian portfolio to TD Bank (TD) and planning sales of its U.K. and Irish holdings. A cynic might attribute the move to a troubled lender unloading assets on the cheap to raise liquidity. Nevertheless, shares +3.3% premarket.
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Company Description
Toronto-Dominion Bank is a Canadian bank. It provides Canadian Personal and Commercial Banking, Wealth and Insurance, US Personal and Commercial Banking, and Wholesale Banking.
Sector: Financial
Country: Canada