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Toronto-Dominion Bank (TD Bank Group) is a prominent Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. Formed on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank, TD has a rich history dating back to 1855 and 1869. As one of Canada's leading banks, TD operates in three main business segments: Canadian retail banking, U.S. retail banking, and wholesale banking.
TD's extensive U.S. operations stretch from Maine to Florida, with a notable presence in the Northeast, serving over 10 million customers across more than 1,100 locations. The bank also holds a 13% ownership stake in Charles Schwab, enhancing its influence in the financial sector.
Recent achievements highlight TD's innovative and customer-centric approach. For instance, TD Bank's Retail Card Services business recently announced a multi-year financing agreement with Rare Carat, an online retailer specializing in diamonds and engagement rings. This partnership aims to provide customers with customized financing solutions, reflecting TD's commitment to offering value and flexibility.
TD's dedication to digital advancement is evident in its data-access agreement with Plaid, enabling customers to securely connect to over 8,000 apps and services. This initiative demonstrates TD's focus on enhancing customer experience through secure and convenient digital solutions.
Innovation is a cornerstone of TD's operations. The bank's patent inventors have expanded their portfolio to over 2,500 filings, with a significant portion related to AI innovation. TD's internal ideation program, iD8, encourages employees to contribute ideas, fostering a culture of continuous improvement.
TD operates several key businesses globally, including Canadian Personal and Commercial Banking, U.S. Retail, Wealth Management and Insurance, and Wholesale Banking. With assets totaling $1.96 trillion as of October 31, 2023, TD ranks among the world's leading online financial services firms, with over 17 million active online and mobile customers.
TD's strategic focus on digital innovation, customer experience, and sustainable growth positions it as a formidable player in the global banking industry. The Toronto-Dominion Bank trades under the symbol 'TD' on the Toronto and New York Stock Exchanges, reflecting its significant presence in the financial markets.
TD Bank and Nordis Technologies have partnered to create an integrated patient billing and payments solution for Hackensack Meridian Health, enhancing revenue cycle efficiency and automating operations. Since launching, over 180,000 payments have been shifted from manual to electronic methods, streamlining communication through Nordis' Expresso® software and TD Bank's eBill system. The solution facilitates the management of patient billing for 17 hospitals and over 500 care centers, aiming to improve patient satisfaction and financial engagement.
TD Bank Group (TD) has launched a new technology delivery hub in Fort Lauderdale, Florida, aimed at enhancing its digital offerings. The initiative is part of a broader strategy to hire 2,000 tech roles, with plans to add 200 positions in the region over two years. This hub will leverage South Florida's growing tech talent pool, supported by a partnership with the Alan B. Levan | NSU Broward Center of Innovation. This move aligns with TD's investment in technology and innovation to meet customer demands and drive growth.
Toronto-Dominion Bank announced its role in Canada's inaugural $5 billion green bond issuance as Co-Structuring Adviser and Joint Lead Manager. This bond aims to fund green infrastructure and nature conservancy projects, aligning with Canada's environmental objectives. TD has a history of sustainability leadership, targeting net-zero GHG emissions by 2050. The bank has also contributed $86 billion towards its $100 billion low-carbon economy goal. This issuance marks a significant step in the development of the Canadian sustainable finance market.
TD Bank has launched the TD Home Access Mortgage, aimed at increasing homeownership opportunities for Black and Hispanic communities. This mortgage product features a $5,000 lender credit for closing costs and flexible debt-to-income ratios. It targets barriers identified in a recent survey where 46% of respondents cited down payment savings as a roadblock. The mortgage is available in multiple states from Maine to Florida, applicable for various residential properties and both purchase and refinance transactions.
TD Bank Group has signed a definitive agreement to acquire First Horizon Corporation in an all-cash transaction valued at US$13.4 billion, or US$25.00 per common share. This acquisition aims to enhance TD's presence in the Southeastern U.S., offering immediate scale and growth opportunities. Upon completion, First Horizon CEO Bryan Jordan will join TD as Vice Chair. The deal is expected to be immediately accretive to TD's adjusted EPS and generate approximately US$610 million in pre-tax cost synergies. The transaction is anticipated to close in Q1 of TD’s 2023 fiscal year.
TD Bank Group has announced an all-cash deal to acquire First Horizon for US$13.4 billion, or US$25.00 per common share. This acquisition positions TD as a top 6 U.S. bank with approximately US$614 billion in assets and a network of 1,560 branches across 22 states. The transaction is expected to be immediately accretive to adjusted EPS and generate approximately US$610 million in pre-tax cost synergies. TD aims to expand First Horizon's community investments and retain all client-facing bankers. The deal is subject to regulatory approvals and expected to close in Q1 2023.
Recent findings from the Treasury Perspectives Survey, sponsored by TD Bank and Strategic Treasurer, indicate a resurgence in optimism among businesses following two years of uncertainty due to COVID-19. The survey reveals that 76% of companies anticipate increased sales and revenue in 2022, a notable rise from previous years. Additionally, many organizations report adaptions in workplace policies, particularly regarding remote work. The results suggest a stabilization to pre-pandemic outlooks, with significant improvements in growth metrics, marking a turning point for corporate treasury and finance departments.
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