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December 20, 2013updated 04 Apr 2017 1:00pm

Canada’s TD Bank to grow internally to expand business in US

Canada-based Toronto-Dominion (TD) Bank is planning internal growth and small deals than major acquisitions to expand its business in the US.

Canada-based Toronto-Dominion (TD) Bank is planning internal growth and small deals than major acquisitions to expand its business in the US.

According to the bank, it has spent over $25bn on acquisitions in the US in the last nine years.

TD has 1,317 branches in the US and 1,179 in Canada. It aims to add 34 more branches in the next five years and expand its employee base to include more corporate bankers, advisers and around 140 mortgage lending officers, reported Bloomberg.

TD Bank CEO and US banking head Mike Pedersen was quoted by the website as saying that they would look at asset purchases or smaller in-footprint deals if they met all their criteria, but they are emphatically not focused on large acquisitions.

"We like the footprint we’re in because it’s disproportionately higher growth, it’s affluent, it’s a market where our model clearly works," Pedersen added.

"So we’re much more focused on continuing to expand in our current footprint than in thinking about broadening."

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