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TD Bank Seeks to Add to U.S. Bet

CFO Johnston says Canadian bank is still bullish on U.S. and looking for more acquisitions.

By Sean B. Pasternak, Bloomberg | Updated on July 26, 2012
Toronto-Dominion Bank said it will consider buying assets similar to its purchase of Chrysler Financial Corp. to bolster U.S. operations amid signs of a “modest” turnaround in the world’s largest economy.

The $6.3 billion purchase of auto loans from Cerberus Capital Management LP last year is “a great example of an asset class that we really like,” Chief Financial Officer Colleen Johnston said yesterday in an interview at Bloomberg’s New York headquarters. “We’re continuing to think about acquiring assets and we continue to look.”

Canada’s second-largest bank is betting on a recovery in the U.S., which accounted for about a quarter of the bank’s revenue last year. The lender has spent more than $25 billion on U.S. acquisitions since 2004, building a series of branches that’s bigger than its Canadian network, spanning from Maine to Florida.

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