TD Bank Seeks to Add to U.S. Bet

CFO Johnston says Canadian bank is still bullish on U.S. and looking for more acquisitions.

Toronto-Dominion Bank said it will consider buying assets similar to its purchase of Chrysler Financial Corp. to bolster U.S. operations amid signs of a “modest” turnaround in the world’s largest economy.

The $6.3 billion purchase of auto loans from Cerberus Capital Management LP last year is “a great example of an asset class that we really like,” Chief Financial Officer Colleen Johnston said yesterday in an interview at Bloomberg’s New York headquarters. “We’re continuing to think about acquiring assets and we continue to look.”

Faster Growth

“We’re still growing our balance sheet at a rate much faster than U.S. banks,” she said. “So organic growth is still in the double-digit territory; we’re growing our assets and our deposits currently by about 10-plus percent.”

Page 2 of 2

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Advertisement. Closing in 15 seconds.