Toronto Dominion isn't looking for US retail bank - CEO

Skyscrapers - Wall Street

Toronto-Dominion Bank isn’t on the lookout for another U.S. retail bank and doesn’t need to do a deal, Chief Executive Officer Ed Clark said.

Bloomberg reports that Clark said on a 17th October investor call, a transcript of which was posted on the lender’s website: 'We’re not spending our time trolling the M&A market in the United States, calling people up and saying, ‘Any chance you’d give me your bank ? We’ve been basically absent the deposit-gathering buying business for the last three or four years'.

Clark discussed topics including a 13th October Sunday Times article suggesting Toronto-Dominion is considering a bid for Citizens Financial Group, the U.S. retail lender owned by Royal Bank of Scotland. Clark previously dismissed such a deal in February, saying it didn’t meet the bank’s criteria.

'What I said is still where we would be today', Clark, 66, said when asked about the report during the call. 'We don’t need a deal'.

To access the complete Bloomberg article hit the link below

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