TORONTO, Jan. 8 /CNW/ - TD Bank Financial Group (TSX, NYSE: TD) today
commented on an earlier announcement by TD AMERITRADE Holding Corporation
(NASDAQ: AMTD) of its entry into a definitive agreement to acquire thinkorswim
Group Inc. (NASDAQ: SWIM).
"We believe this will be a great opportunity for TD AMERITRADE and its
customers," said Ed Clark, President and Chief Executive Officer of TD Bank
Financial Group (TDBFG). "This acquisition will accelerate TD AMERITRADE's
growth, as well as enhance its position in the options trading market and the
investor education space."
Impact on TDBFG
The transaction is not expected to materially affect TDBFG's earnings,
nor to have a material capital impact.
TD AMERITRADE has declared its intention to initiate a new stock buyback
program, which combined with the thinkorswim acquisition, will leave TDBFG's
ownership in TD AMERITRADE materially unchanged.
The transaction is expected to close within six months, following
regulatory and thinkorswim shareholder approvals, as well as customary closing
conditions.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in
North America by branches and serves approximately 17 million customers in
four key businesses operating in a number of locations in key financial
centres around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse
and an investment in TD Ameritrade; U.S. Personal and Commercial Banking
through TD Banknorth and TD Bank, America's Most Convenient Bank; and
Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks
among the world's leading on-line financial services firms, with more than 5.5
million on-line customers. TD Bank Financial Group had CDN$563 billion in
assets as of October 31, 2008. The Toronto-Dominion Bank trades under the
symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.
For further information: Tim Thompson, Investor Relations, (416)
308-9030; Barbara Timmins, Corporate and Public Affairs, (416) 307-6498