Canadian Banks Go Shopping

Canadian banks,which are considered the strongest in the world by the International Monetary Fund,are looking southward to expand their businesses.Last week,Toronto Dominion Bank purchased Chrysler Financial from private equity firm Cerberus Capital for 6.3 billion dollars U.S.,and the Bank of Montreal bought Marshall&Ilsley for 4.1 billion.
Chrysler Financial's loan book is 90% U.S. loans and 10% Canadian.Both the acquired firms are regarded as being relatively weak.
The Royal Bank of Canada thinks SunTrust Banks is a likely takeover target as well.
In response to the news,shares of Toronto Dominion rose 10.83%.Ed Clark is CEO of Toronto Dominion,while William Downe is CEO of Bank of Montreal.
Toronto Dominion Bank(TD),Bank of Montreal(BMO),SunTrust Banks(STI),Marshall&Ilsley(MI),Royal Bank of Canada(RBC)

Canadian Banks Grow Southward

Two large Canadian banks have been advertising on American television lately.Toronto Dominion Bank,known in the U.S. as TD Bank and TD Banknorth,and Royal Bank of Canada,which,despite its name,is not a government institution,are vying for U.S. depositors and investors.Toronto Dominion owns part of the TD Ameritrade brokerage,while Royal Bank of Canada owns the RBC Wealth Management brokerage.Both banks may be invested in through NYSE/Euronext.Royal Bank of Canada's investment banking and corporate banking arm is RBC Capital Markets,and its branches are under the name RBC Bank.