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TD considers acquisition strategy for US expansion 2021/04/05 12:40:00 Business Insider
Summary List Placement The Canadian bank is still interested in using a major acquisition to beef up its US retail operations and is unbothered by the recent spikes in valuation for the regional lenders that would be TD's most likely targets, CEO Bharat Masrani said in an interview cited by Bloomberg. Masrani stated that if the bank finds "some opportunity that fits all our criteria, we will look at it very seriously, and our capital gives us that flexibility." The capital in question is the result of a stockpile that TD built up at the beginning of the coronavirus pandemic to protect against customer defaults on loans; those defaults didn't materialize on the scale expected, leaving TD with CAD$12 billion ($9.55 billion) beyond what's required to maintain its leverage ratio. If TD does decide on an acquisition, it'll fit neatly within the ongoing trend of consolidation among regional US banks to compete on a larger scale. Such mergers have become increasingly popular as smaller banks seek to drive cost synergies and scale to invest more significantly in technology.