TORONTO, May 25, 2023
/CNW/ - TD Bank Group (TD) (TSX: TD) announced today that, subject
to the approval of the Office of the Superintendent of Financial
Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX), it
intends to launch a normal course issuer bid to repurchase for
cancellation up to 30 million of its common shares, representing
approximately 1.6% of the 1,839,578,436 common shares issued and
outstanding as of April 30,
2023. TD will file a notice of intention with the TSX in this
regard.
TD may commence purchases under the bid, continuing for up to
one year, after the TSX has accepted the notice of intention.
Repurchases will be made through the facilities of the TSX as well
as through other designated exchanges and alternative trading
systems in Canada in accordance
with applicable regulatory requirements. The price paid for
such repurchased shares will be the market price of such shares at
the time of acquisition or such other price as may be permitted by
the TSX. All repurchased shares will be cancelled. The timing
and amount of any purchases under the program are subject to
regulatory approvals and to management discretion based on factors
such as market conditions and capital adequacy.
As at April 30, 2023, the Bank's
Common Equity Tier 1, Tier 1, Total Capital and Leverage ratios
were 15.3%, 17.3%, 19.7% and 4.6%, respectively.
Caution Regarding Forward-Looking
Statements
From time to time, the Bank (as defined in this document) 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, the Management's Discussion and
Analysis ("2022 MD&A") in the Bank's 2022 Annual Report under
the heading "Economic Summary and Outlook", under the headings "Key
Priorities for 2023" and "Operating Environment and Outlook" for
the Canadian Personal and Commercial Banking, U.S. Retail, Wealth
Management and Insurance, and Wholesale Banking segments, and under
the heading "2022 Accomplishments and Focus for 2023" for the
Corporate segment, and in other statements regarding the Bank's
objectives and priorities for 2023 and beyond and strategies to
achieve them, the regulatory environment in which the Bank
operates, and the Bank's anticipated financial performance.
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 general business
and economic conditions in the regions in which the Bank operates;
geopolitical risk; inflation, rising rates and recession; the
economic, financial, and other impacts of pandemics, including the
COVID-19 pandemic; the ability of the Bank to execute on long-term
strategies and shorter-term key strategic priorities, including the
successful completion and integration of acquisitions and
dispositions, business retention plans, and strategic plans;
technology and cyber security risk (including cyber-attacks, data
security breaches or technology failures) on the Bank's information
technology, internet, network access or other voice or data
communications systems or services; model risk; fraud activity; 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; 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; 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 foreign exchange rates, interest rates, credit spreads
and equity prices; 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 (including climate change); and the
occurrence of natural and unnatural catastrophic events and claims
resulting from such events. 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 2022 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 heading "Significant Acquisitions",
"Significant and Subsequent Events, and Pending Acquisitions" or
"Significant and Subsequent Events" in the relevant MD&A,
which applicable releases may be found on www.td.com. All such
factors, as well as other uncertainties and potential events, and
the inherent uncertainty of forward-looking statements, should be
considered carefully when making decisions with respect to the
Bank. 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 2022 MD&A under the heading
"Economic Summary and Outlook", under the headings "Key Priorities
for 2023" and "Operating Environment and Outlook" for the Canadian
Personal and Commercial Banking, U.S. Retail, Wealth Management and
Insurance, and Wholesale Banking segments, and under the heading
"2022 Accomplishments and Focus for 2023" for the Corporate
segment, 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 sixth
largest bank in North America by
assets and serves over 27.5 million customers in four key
businesses operating in a number of locations in financial centres
around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Auto Finance Canada; 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; Wealth Management and Insurance, including TD Wealth
(Canada), TD Direct Investing, and
TD Insurance; and Wholesale Banking, including TD Securities. TD
also ranks among the world's leading online financial services
firms, with more than 16 million active online and mobile
customers. TD had $1.9 trillion in
assets on April 30, 2023. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group