Canada-based Toronto-Dominion (TD) Bank is not looking for another retail bank acquisition in the US and does not need a deal now, says CEO Ed Clark.
According to a 17 October investor call transcript posted on the bank’s website, Clark said they are not spending their time trolling the M&A market in the US, calling people up and saying, ‘Any chance you’d give me your bank?’
"We’ve been basically absent the deposit-gathering buying business for the last three or four years," Clark added.
The announcement by Clark comes after the Sunday Times on 13 October suggested that the bank was considering a bid for Royal Bank of Scotland’s US business, Citizens.
Clark said TD would need the market to endorse a deal since it would involve raising substantial equity and that any transaction would have to be financially great for investors.
"As one of the largest shareholders in this bank, I don’t want to do a deal that isn’t good for the shareholders," Clark added.