Canada's TD Bank Eyes Further U.S. Expansion With $1.3 Billion Cowen Purchase
by: Manya Saini; Nichola Saminather
Canada's Toronto-Dominion (TD) Bank will acquire New York-based boutique investment bank Cowen for US$1.3 billion, seeking to boost its presence in the U.S. market. The deal marks TD's second acquisition bid in the United States this year. In February, TD said it would buy Memphis-based First Horizon Corp for $13.4 billion in its biggest ever acquisition. Toronto-Dominion had more than 1,100 U.S. branches at the end of its most recent fiscal year, and it stands to gain about 400 more when its purchase of First Horizon is completed. That deal would expand Toronto-Dominion beyond its East Coast footprint into markets such as Tennessee, Louisiana, and Texas. With the Cowen acquisition, TD Securities will add the firm’s 1,700 employees, bringing the total to 6,500 people in 40 cities worldwide. The deal has been approved by the boards of both companies and is expected to be completed in the first quarter of next year.
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