TORONTO, May 3, 2021 /CNW/ - On May
1, 2021, the Toronto-Dominion Bank ("TD") (TSX: TD) (NYSE:
TD) completed the previously announced acquisition of Wells Fargo's
("Wells Fargo") (NYSE: WFC) Canadian Direct Equipment Finance
business.
The transaction adds scale and capabilities to TD's existing
Canadian Equipment Financing business and expands TD's presence in
core markets.
"This acquisition enhances our position and competitiveness in
Canada's Equipment Finance
industry and will allow us to better serve a more diverse set of
business customers who require customized financing services and
leasing solutions," said Darren
Cooke, President, TD Equipment Finance, Canadian Business
Banking, TD Bank Group. "Our combined teams will bring seasoned
expertise in equipment leasing and finance to deliver the strong
value of tailored financing and leasing options to customers
across Canada."
For additional details about the acquisition, please refer to
the press release dated January 14,
2021, available here, and at http://td.mediaroom.com.
Caution Regarding Forward-Looking Information
From time to time, The Toronto-Dominion Bank (the "Bank" or
"TD") makes written and/or oral forward-looking statements,
including in this document, in other filings with Canadian
regulators or the United States
(U.S.) Securities and Exchange Commission (SEC), and in other
communications. In addition, representatives of the Bank may make
forward-looking statements orally to analysts, investors, the media
and others. All such statements are made pursuant to the "safe
harbour" provisions of, and are intended to be forward-looking
statements under, applicable Canadian and U.S. securities
legislation, including the U.S. Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements made in this document, statements made in
the Bank's Management's Discussion and Analysis ("2020 MD&A")
in the Bank's 2020 Annual Report under the headings "Economic
Summary and Outlook" and "The Bank's Response to COVID-19", for the
Canadian Retail, U.S. Retail, and Wholesale Banking segments under
headings "Key Priorities for 2021", and for the Corporate segment,
"Focus for 2021", and in other statements regarding the Bank's
objectives and priorities for 2021 and beyond and strategies to
achieve them, the regulatory environment in which the Bank
operates, the Bank's anticipated financial performance, and the
potential economic, financial and other impacts of the Coronavirus
Disease 2019 (COVID-19). Forward-looking statements are typically
identified by words such as "will", "would", "should", "believe",
"expect", "anticipate", "intend", "estimate", "plan", "goal",
"target", "may", and "could".
By their very nature, these forward-looking statements require
the Bank to make assumptions and are subject to inherent risks and
uncertainties, general and specific. Especially in light of the
uncertainty related to the physical, financial, economic,
political, and regulatory environments, such risks and
uncertainties – many of which are beyond the Bank's control and the
effects of which can be difficult to predict – may cause actual
results to differ materially from the expectations expressed in the
forward-looking statements. Risk factors that could cause,
individually or in the aggregate, such differences include:
strategic, credit, market (including equity, commodity, foreign
exchange, interest rate, and credit spreads), operational
(including technology, cyber security, and infrastructure), model,
insurance, liquidity, capital adequacy, legal, regulatory
compliance and conduct, reputational, environmental and social, and
other risks. Examples of such risk factors include the economic,
financial, and other impacts of the COVID-19 pandemic; general
business and economic conditions in the regions in which the Bank
operates; geopolitical risk; the ability of the Bank to execute on
long-term strategies and shorter-term key strategic priorities,
including the successful completion of acquisitions and
dispositions, business retention plans, and strategic plans;
technology and cyber security risk (including cyber-attacks or data
security breaches) on the Bank's information technology, internet,
network access or other voice or data communications systems or
services; model risk; fraud to which the Bank is exposed; the
failure of third parties to comply with their obligations to the
Bank or its affiliates, including relating to the care and control
of information, and other risks arising from the Bank's use of
third-party service providers; the impact of new and changes to, or
application of, current laws and regulations, including without
limitation tax laws, capital guidelines and liquidity regulatory
guidance and the bank recapitalization "bail-in" regime; regulatory
oversight and compliance risk; increased competition from
incumbents and new entrants (including Fintechs and big technology
competitors); shifts in consumer attitudes and disruptive
technology; environmental and social risk; exposure related to
significant litigation and regulatory matters; ability of the Bank
to attract, develop, and retain key talent; changes to the Bank's
credit ratings; changes in currency and interest rates (including
the possibility of negative interest rates); increased funding
costs and market volatility due to market illiquidity and
competition for funding; Interbank Offered Rate (IBOR) transition
risk; critical accounting estimates and changes to accounting
standards, policies, and methods used by the Bank; existing and
potential international debt crises; environmental and social risk;
and the occurrence of natural and unnatural catastrophic events and
claims resulting from such events.
There can be no assurance that the Bank will realize the
anticipated benefits or results from its acquisition of Wells
Fargo's Canadian Direct Equipment Finance business, and actual
results could differ materially from the expectations expressed in
the forward-looking statements. Examples of material
assumptions made by the Bank in the forward-looking statements
include assumptions regarding expected synergies, based on the
Bank's experience.
The Bank cautions that the preceding list is not exhaustive of
all possible risk factors and other factors could also adversely
affect the Bank's results. For more detailed information, please
refer to the "Risk Factors and Management" section of the 2020
MD&A, as may be updated in subsequently filed quarterly reports
to shareholders and news releases (as applicable) related to any
events or transactions discussed under the headings "Significant
Events" in the relevant MD&A, which applicable releases may be
found on www.td.com. All such factors should be considered
carefully, as well as other uncertainties and potential events, and
the inherent uncertainty of forward-looking statements, when making
decisions with respect to the Bank and the Bank cautions readers
not to place undue reliance on the Bank's forward-looking
statements.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2020
MD&A under the headings "Economic Summary and Outlook" and "The
Bank's Response to COVID-19", for the Canadian Retail, U.S. Retail,
and Wholesale Banking segments, "Key Priorities for 2021", and for
the Corporate segment, "Focus for 2021", each as may be updated in
subsequently filed quarterly reports to shareholders.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities and anticipated financial performance as
at and for the periods ended on the dates presented, and may not be
appropriate for other purposes. The Bank does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time to time by or on its behalf, except as
required under applicable securities legislation.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the fifth
largest bank in North America by assets and serves over
26 million customers in three key businesses operating in a number
of locations in financial centres around the globe: Canadian
Retail, including TD Canada Trust, TD Auto Finance Canada, TD
Wealth (Canada), TD Direct
Investing, and TD Insurance; U.S. Retail, including TD Bank,
America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth
(U.S.), and an investment in The Charles Schwab Corporation; and
Wholesale Banking, including TD Securities. TD also ranks among the
world's leading online financial services firms, with more than 14
million active online and mobile customers. TD had CDN$1.7
trillion in assets on January 31, 2021. The
Toronto-Dominion Bank trades under the symbol "TD" on
the Toronto and New York Stock Exchanges.
About Wells Fargo
Wells Fargo & Company
(NYSE: WFC) is a diversified, community-based financial services
company with US$1.92 trillion in
assets. Wells Fargo's vision is to
satisfy our customers' financial needs and help them succeed
financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,200 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 31 countries and territories to support customers who
conduct business in the global economy. Wells Fargo serves one in three households in
the United States. Wells
Fargo & Company was ranked No.
30 on Fortune's 2020 rankings of America's largest corporations.
News, insights and perspectives from Wells Fargo are also available
at Wells Fargo Stories. Additional information may be found at
www.wellsfargo.com | Twitter: @WellsFargo.
SOURCE TD Bank Group