Canada-based Toronto-Dominion Bank is reportedly looking for potential deals to expand in the US after the Bank of Montreal (BMO) announced a $16.3bn acquisition of BNP Paribas’ Bank of the West.
With European and international banks exiting the US banking market and availability of excess capital due to moratorium on capital redistributions along with soaring share prices Canadian lenders are looking to capitalise on the opportunity.
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As per Reuters’ report, TD Bank lost the Bank of the West deal to BMO but is still looking out for acquisition opportunities in the US.
TD Bank had an eye on every major business that was up for sale including the MUFG deal announced this September and BBVA in November 2020, the publication said citing sources.
Earlier the bank’s executives said that it “will not be shy” to do a bank deal in the US Southeast or where it currently operates.
Canada’s second-largest bank by market value, which has missed out on some big deals, is now expected to shift its focus on smaller banks, a source said.
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By GlobalDataAlong with TD and BMO, Royal Bank of Canada and Canadian Imperial Bank of Commerce are among the lender looking to expand in the US.
As per the report, even BMO had pursued the MUFG deal but did not make it, which led it to make an aggressive bid for the Bank of the West.
The deal will push BMO to 16th position in the US banking market from 19th with nearly $300bn in assets.
