TD Bank Increases U.S. Bet With Chrysler Financial
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Toronto-Dominion Bank is increasing its bet in the U.S. with the $6.3 billion purchase of Chrysler Financial Corp., capping a record quarter for U.S. takeovers by Canadian lenders as some European rivals retreat.
The purchase of the auto-finance company adds to the more than C$20 billion ($19.6 billion) that Canada’s second-largest bank spent on U.S. acquisitions since 2004. Toronto-Dominion’s U.S. territory spans 16 states from Maine to Florida with 1,269 branches, the first time a Canadian bank has more locations south of the border than at home.