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Rating:Parent Takes TD Waterhouse Off the Auction Block Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 22, 2004

Parent Takes TD Waterhouse Off the Auction Block

by: Sean Hanna, Editor in Chief

Toronto Dominion Bank is taking its TD Waterhouse brokerage unit off the market according to a Reuters report.

The decision comes after the Canadian bank saw negotiations with a number of possible buyers including E*Trade, Ameritrade and Charles Schwab Corp. stall.

"What we intend to do is to keep that asset and to aggressively grow that asset," TD Chief Executive Ed Clark told attendees of a financial services conference in Toronto according to the news service. "I would say the door is closed."

TD Bank was unable to find a buyer for the brokerage operation that shared its vision, a key factor in a deal that would have left the bank with a substantial minority interest.

"There was a point where we just disagreed because, in fact, from (E-Trade's) point of view we were asking for too much control, and from our point of view ... we had to protect our investment," said Clark.  

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