TD Bank Financial Acquires ABN AMRO ABL Unit

TD Bank Financial Acquires ABN AMRO ABL Unit
Tuesday, May 26, 2009

TD Bank Financial Group (TDBFG) has signed an agreement to acquire the asset-based lending business of ABN AMRO Bank NV Canada Branch, for an undisclosed amount. The business will operate as TD Asset Finance once the deal closes, and will complement TDBFG's commercial banking business as well as its asset-based lending business in the U.S.

Paul Douglas, executive vice president, business banking, TD Canada Trust said: "This business is a good fit with our existing commercial banking business and an opportunity for us to increase our range of product offerings in response to an increasing need for specialized financial solutions for today's commercial clients. It's also a great opportunity to leverage TD Banknorth's expertise in this area along with ABN's experienced and respected asset-based lending management team."

Keith Hughes, senior vice president and business head, ABN AMRO Asset-Based Lending, said: "This is great news for our clients and employees. We're excited to be joining TD Bank Financial Group, one of the world's most respected financial institutions with a leading commercial banking business, an expansive branch network, and a highly successful asset-based lending business at TD Banknorth in the U.S."