The TD financial institution brand is seen on prime of the Toronto Dominion Canada Belief Tower in Toronto, Ontario, Canada March 16, 2017. Image taken March 16, 2017. REUTERS/Chris Helgren/File Picture

Register now for FREE limitless entry to

Aug 2 (Reuters) – Canada’s Toronto Dominion Financial institution (TD.TO) will purchase New York-based boutique funding financial institution Cowen (COWN.O) in a $1.3 billion all-cash deal to spice up its presence within the high-growth U.S market.

Money-rich Canadian banks have been on a procuring spree in america in latest months as they attempt to discover progress away from their residence turf the place the Huge Six banks already management practically 90% of the market. learn extra

The deal introduced on Tuesday values every share of Cowen at $39, representing a premium of practically 10% to the corporate’s final closing worth. Cowen shares rose 8% in premarket buying and selling.

Register now for FREE limitless entry to

Cowen was based greater than a century in the past and gives funding banking and brokerage providers to its shoppers.

Earlier this yr, TD signed its largest-ever deal when it agreed to purchase regional U.S. financial institution First Horizon (FHN.N) for $13.4 billion to increase within the southeastern area of the nation.

The businesses count on the deal to shut within the first quarter of 2023.

Register now for FREE limitless entry to

Reporting by Manya Saini in Bengaluru; Modifying by Aditya Soni

Our Requirements: The Thomson Reuters Belief Ideas.

Leave a Reply

Your email address will not be published.