Bloomberg News

Toronto-Dominion Says U.S. Expansion to Offset Canada Slowdown

June 03, 2011

June 3 (Bloomberg) -- Toronto-Dominion Bank, Canada’s second-largest bank, expects expansion in its U.S. operations will make up for weakness in the Canadian economy, Chief Executive Officer Edmund Clark said.

“We do actually think now the U.S. is going to pick up a little bit from slowing Canadian operations,” said Clark, speaking today on Bloomberg Television in New York. Clark cited gains in market share by the Toronto-based lender.

Toronto-Dominion said May 26 that profit in the fiscal second quarter rose 13 percent to C$1.33 billion ($1.36 billion), or C$1.46 a share, bolstered by gains at its U.S. banking business. Toronto-Dominion has spent more than $25 billion in the past six years south of the Canadian border.

Clark reiterated that Toronto-Dominion will continue to look at “small, tuck-in” acquisitions in the U.S. He declined to comment on whether the bank would be interested in buying the upstate New York operations of HSBC Holdings Plc.

Clark also said the Canadian economy “may well grow slower than it has previously.”

--With assistance from Vivek Shankar in San Francisco. Editor: Rick Green

To contact the reporters on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net; Lisa Murphy in New York at lmurphy25@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus