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TD’s $13.4 Billion Deal Revs Up Canadian Banks’ Growth Abroad

  • Deal follows BMO’s $16.3 billion Bank of the West agreement
  • Lenders seek growth in U.S. with Canadian market locked up
Bharat Masrani
Bharat Masrani

In just over two months, Canada’s banks have struck the two largest deals in their industry’s history, both reaching beyond their borders to grab more of the competitive U.S. market.

Toronto-Dominion Bank on Monday announced a $13.4 billion takeover of First Horizon Corp. that would expand its U.S. footprint beyond the East Coast. In December, Bank of Montreal agreed to buy BNP Paribas SA’s Bank of the West unit for $16.3 billion, giving it a presence in the U.S. West.