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TD Bank to acquire Canada Trust
Money Digest, Sept, 1999
The last of the independent trust companies will soon be swallowed by Canada's third largest bank, as Toronto Dominion Bank has agreed to purchase Canada Trust.
Shares of TD have fallen since the announcement but TD felt it needed to be bigger to compete with Canada's other big banks. The deal will also help TD to shift its business more into the retail end of operations. It is anticipated that about 275 Canada Trust/TD branches will be closed to avoid duplication.
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The merger still has to be approved by Canada's Competition Bureau and the Office of the Superindentent of Financial Institutions.
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