Finance
TD Bank to Plow Money Into Canada Unit After $14 Billion Schwab Sale
- Secondary offering of Schwab shares priced at $79.25
- TD would consider using additional capital for more buybacks
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Toronto-Dominion Bank’s Canadian operations and capital-markets franchise will be priorities under new Chief Executive Officer Raymond Chun, who will soon have a stockpile of cash to spend after exiting the lender’s stake in Charles Schwab Corp.
The sale of Toronto-Dominion’s 10.1% interest in Schwab will net the Canadian bank $13.9 billion after taxes and fees, executives said on an investor call Tuesday.