TD Bank Financial Group (TDBFG) is pleased to announce it has signed a definitive agreement to acquire the Asset Based Lending (ABL) business of ABN AMRO Bank NV Canada Branch (ABN), effective on or before September 30th, 2008. The business will operate as TD Asset Finance when it becomes part of TDBFG this summer.
"This business is a good fit with our existing commercial banking business and an opportunity for us to increase our range of product offerings in response to an increasing need for specialized financial solutions for today's commercial clients," said Paul Douglas, Executive Vice President, Business Banking, TD Canada Trust. "It's also a great opportunity to leverage TD Banknorth's expertise in this area along with ABN's experienced and respected Asset Based Lending management team."
"This is great news for our clients and employees. We're excited to be joining TD Bank Financial Group, one of the world's most respected financial institutions with a leading commercial banking business, an expansive branch network, and a highly successful Asset Based Lending business at TD Banknorth in the US," said Keith Hughes, Senior Vice President and business Head, ABN AMRO Asset Based Lending.
ABN's Asset Based Lending business serves a wide variety of commercial clients with Asset Based Lending products including secured revolving lines of credit and associated term loans. -- www.cnxmarketlink.com
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