Acquisition to expand bank's commercial lending
TORONTO, June 24 /CNW/ - TD Bank Financial Group (TDBFG) is pleased to
announce it has signed a definitive agreement to acquire the Asset Based
Lending (ABL) business of ABN AMRO Bank NV Canada Branch (ABN), effective on
or before September 30th, 2008. The business will operate as TD Asset Finance
when it becomes part of TDBFG this summer.
"This business is a good fit with our existing commercial banking
business and an opportunity for us to increase our range of product offerings
in response to an increasing need for specialized financial solutions for
today's commercial clients," said Paul Douglas, Executive Vice President,
Business Banking, TD Canada Trust. "It's also a great opportunity to leverage
TD Banknorth's expertise in this area along with ABN's experienced and
respected Asset Based Lending management team."
"This is great news for our clients and employees. We're excited to be
joining TD Bank Financial Group, one of the world's most respected financial
institutions with a leading commercial banking business, an expansive branch
network, and a highly successful Asset Based Lending business at TD Banknorth
in the US," said Keith Hughes, Senior Vice President and business Head,
ABN AMRO Asset Based Lending.
ABN's Asset Based Lending business serves a wide variety of commercial
clients with Asset Based Lending products including secured revolving lines of
credit and associated term loans.
About ABN AMRO Bank NV Canada Branch
ABN AMRO Bank N.V., Canada Branch provides its domestic and international
clients with a wide range of financial services representing a significant
cross-section of all offerings from across the bank's network.
Netherlands-based ABN AMRO Bank N.V. is a leading international bank with
total assets of EUR 1,025.2 billion (as at 31 December 2007). It has more than
4,000 branches in 53 countries, and has a staff of more than 99,000 full-time
equivalents worldwide. ABN AMRO Bank N.V. is a subsidiary undertaking of The
Royal Bank of Scotland plc.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group is the seventh largest bank
in North America by branches and serves approximately 17 million customers in
four key businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust; Wealth Management, including TD Waterhouse and an investment
in TD Ameritrade; U.S. Personal and Commercial Banking through TD Banknorth
and Commerce; and Wholesale Banking, including TD Securities. TD Bank
Financial Group also ranks among the world's leading on-line financial
services firms, with more than 5.5 million on-line customers. TD Bank
Financial Group had CDN$503.6 billion in assets as of April 30, 2008. The
Toronto-Dominion Bank trades on the Toronto and New York Stock Exchanges under
the symbol "TD", as well as on the Tokyo Stock Exchange.
For further information:
For further information: Kelly Hechler, Corporate and Public Affairs, TD
Bank Financial Group, (416) 982-2469, Kelly.email@example.com