(Toronto) TD Bank said Thursday it has agreed to acquire Canadian direct equipment finance company Wells Fargo in Canada.
Posted on January 14, 2021 at 12:21 p.m.
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The Canadian Press
Financial details of the deal were not immediately available.
TD argued that the acquisition would increase its equipment finance business in Canada and expand its presence in key markets.
Wells Fargo’s Canadian direct equipment finance business is based in Mississauga, Ontario, with regional offices across the country, including Montreal and Calgary.
It provides loans and leases for commercial equipment and has $ 1.5 billion in assets and more than 120 employees.
The transaction is expected to close in the first half of 2021, subject to regulatory and competition law approvals, as well as other customary closing conditions.
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