TD Bank announced on Monday it has completed the acquisition of Wells Fargo’s Canadian Direct Equipment Finance business. TD Bank reported that the acquisition adds scale and capabilities to its existing Canadian Equipment Financing business and expands the bank’s presence in core markets.
While sharing more details about the acquisition, Darren Cooke, President of TD Equipment Finance -Canadian Business Banking at TD Bank Group, revealed:
“This acquisition enhances our position and competitiveness in Canada’s Equipment Finance industry and will allow us to better serve a more diverse set of business customers who require customized financing services and leasing solutions. Our combined teams will bring seasoned expertise in equipment leasing and finance to deliver the strong value of tailored financing and leasing options to customers across Canada.”
The completion of the acquisition comes just months after TD Bank was reportedly shutting down 82 branches as it sought to reduce physical locations and cut costs. According to a report, TD is “culling locations that it considers redundant and reinvesting some of the proceeds in digital banking alternatives.” TD also recently announced plans to create a new commercial bank
The bank claims title as the number one banking app in Canada.