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)
No comments:
Post a Comment