Wells Fargo to Sell its Canadian Equipment Finance Business

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Toronto-Dominion Bank (NYSE: TD) has announced that it plans to acquire Wells Fargo‘s (NYSE: WFC) Canadian direct equipment-finance business for an undisclosed amount.

The unit has assets of roughly 1.5 billion Canadian dollars ($1.18 billion) and over 120 employees.

TD Bank expects the purchase to add scale to its existing Canadian equipment financing business and gain share in some of its big markets. The deal is expected to close in the first half of the year.

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