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Toronto-Dominion Bank is a Canadian multinational banking and financial services corporation. It is the second-largest chartered bank in Canada with the market capitalization of $ 81.8 Billion and assets worth $833.96 Billion.
The bank was ranked 67 on Forbes global 2000 2016 listing. The Toronto-Dominion Bank and its subsidiaries are collectively known as the TD Bank Group.
The bank and its subsidiaries have over 85,000 employees and over 22 million clients worldwide. Toronto-Dominion Bank is headquartered in Toronto, Ontario.
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- Products and Services
- Mergers and Acquisitions
- Principal Subsidiaries
- Bank’s Website
History Of TD Bank and Td Easyweb
The Toronto-Dominion Bank is the result of the past mergers of three financial companies: The Bank of Toronto, The Dominion Bank and Canada Trust.
TD bank’s history can be traced to 1855 when it’s the earliest predecessor – The Bank of Toronto was founded. The Dominion Bank of Canada was founded in Toronto in 1869 to serve a broader group of agricultural and commercial enterprises, though it did not begin operations until 1871. The two banks grew and expanded, extending services to customers and communities across central Canada and abroad.
In 1954, the Bank of Toronto and The Dominion Bank negotiated an amalgamation and the Toronto-Dominion Bank was born On February 1, 1955, with 499 branches and a combined team of 5,500 employees.
The new bank philosophy emphasized customer service and product knowledge. “The Best in Banking Service”, TD’s first slogan, evolved into “The Bank Where People Make the Difference.
The Bank made milestone acquisitions after its creation. The most significant was the acquisition of Canada Trust in 2000. Canada Trust brought a history as long and as rich as that of the TD Bank itself.
The Canada Trust acquisition gave the Bank new momentum, significantly expanded the breadth and depth of the Bank’s branch coverage, and enhanced TD’s customer service commitment.
Products and Services
The Toronto-Dominion Bank, together with its subsidiaries, provides various personal and commercial banking products and services in Canada, the United States, and internationally. It operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking.
The Canadian Retail segment offers various financial products and services, as well as telephone, the Internet, and mobile banking services.
This segment offers financing, investment, cash management, international trade services, and day-to-day banking needs to medium and large Canadian businesses; financing options to customers at point-of-sale for automotive and recreational vehicle purchases through its auto dealer network; credit cards; direct investing, advice, and asset management services to retail and institutional clients; and home, auto, credit protection, travel, and life and health insurance products, as well as credit card balance protection products through direct channels.
The U.S. Retail segment provides retail and commercial banking services, as well as wealth management services in the United States.
This segment offers its financial products and services through network stores located along the east coast from Maine to Florida; telephone, mobile, and Internet banking; and automated banking machines.
The Wholesale Banking segment provides a range of capital markets, investment banking, and corporate banking products and services comprising underwriting and distribution of new debt and equity issues; advising on strategic acquisitions and divestitures; and meeting the daily trading, funding, and investment needs to companies, governments, and institutions in financial markets worldwide.
Mergers and Acquisitions
- 2003 – TD Bank bought the 57-branch Ontario network from Laurentian Bank.
- 2004 – TD Bank bought 51% of Banknorth to form TD Banknorth.
- 2005 – TD Banknorth bought New Jersey-based Hudson United Bancorp.
- 2005 – TD Bank sold TD Waterhouse USA to Ameritrade form TD Ameritrade. TD ended up holding a 32% stake in the new TD Ameritrade, becoming its single largest shareholder.
- 2006 – TD Bank bought Canadian auto financing company VFC.
- 2006 – TD Banknorth bought New Jersey-based Interchange Financial.
- 2007 – TD Bank bought out the 43% of TD Banknorth it did not already.
- 2010 – TD Bank bought the ailing South Financial Group of Greenville, S.C.
- 2010 – TD Bank bought auto-leasing firm Chrysler Financial from private capital firm Cerberus Capital Management.
- 2011 – TD Bank acquired Bank of America’s Canadian credit card operations, MBNA Canada.
- 2012 – TD Bank acquired U.S. retailer Target Corp.’s existing Visa and private-label credit card portfolio.
- 2012 – TD Bank acquired New York City-based asset manager Epoch Holding Corp.
- 2013 –TD Bank sold its TD Waterhouse Institutional Services unit to the National Bank of Canada.
- 2015 –TD Bank acquired U.S. upmarket department store Nordstrom Inc.’s Visa and private-label credit card portfolio.
- 2016 – TD Bank and it’s 42%-owned American discount brokerage TD Ameritrade bought and carved up privately-held Scottrade Financial Services.
- TD Bank NA.
- TD Canadian Trust.
- TD Securities.
- TD Auto Finance.
- TD Ameritrade Cleaning Inc.
- South Financial Group.
- TD Equipment Finance Canada Inc.
- MBNA Canada Bank.
- TD Waterhouse Private Investment Counsel Inc.
- TD Insurance Meloche Monnex Inc.
- TD Asset Management Inc.