The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:TD Waterhouse Deal May be Close at Hand Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 13, 2004

TD Waterhouse Deal May be Close at Hand

by: Sean Hanna, Editor in Chief

Toronto Dominion Bank may be close to finding a buyer for its TD Waterhouse brokerage unit according to a report published Tuesday morning. The Canadian bank is in final discussions with E*Trade on a deal that would merge E*Trade and TD's brokerage unit. That a deal could be presented to the boards by early next week, reports the Toronto Globe and Mail.

In October the paper ran a similar story that identified Ameritrade as the potential buyer. In that case the report also stated that a deal may have been just a week away. Yet in the most current story the paper states that Ameritrade and TD broke off talks because of differences in strategy.

To support its report that E*Trade is close to completing a deal the paper quoted "sources familiar with the negotiations" as telling it that TD Bank would hold a 40 to 50 percent stake in the merged companies. That stake would value the deal at about $8 billion. Neither company commented for the story.

The combined brokerages would be run by E*Trade's management but its headquarters would be in New York City. E*Trade relocated its headquarters to the Big Apple from Menlo Park, California at the start of 2004.

While TD Waterhouse has been able to build a strong fund distribution network to independent financial advisors, E*Trade mostly failed in its efforts. A combination of the two discount brokers would create an organization with $236 billion in customer assets. Meanwhile, Charles Schwab reports $938 billion in customer assets, according to the Globe and Mail.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use