Toronto-Dominion Bank, or as it's known better here, simply TD Bank, continues to expand rapidly in the U.S. and will likely make more acquisitions, The Wall Street Journal reports.
Canada's second largest bank made headlines in the U.S. after its 2008 acquisition of Commerce Bank, and has since also bought Maine-based Banknorth and Chrysler Financial Corp.
Earlier this week TD said it would acquire Bank of America's MBNA Canada, one of the country's biggest issuers of credit cards.
TD already has more branches in the U.S. than in Canada. There are 1,285 retail branches in the states while in Canada it has only 1,131 branches.
Moreover, The Wall Street Journal says TD's parent company TD Ameritrade Holding is now also likely to bid for E*Trade Financial.
"Given the U.S. economy's struggles, TD's expansion is risky," the Journal writes. "Still, the U.S. is a tempting growth market for Canadian banks, since their home country has a saturated retail-banking market with no opportunities to consolidate because of government restrictions on big bank mergers."
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