Toronto-Dominion Bank checks out takeover of U.S. brokerage Cowen

Toronto-Dominion Bank, the Canadian bank that’s been broadening through acquisitions, is weighing an offer for the brokerage company Cowen, according to individuals knowledgeable about the matter. 

The Toronto-based lending institution is dealing with consultants to study a possible deal for Cowen, stated individuals, who asked not to be determined since the matter isn’t public. No decision has actually been made and Toronto-Dominion might decide versus pursuing an offer, individuals stated.

Christinne Muschi/Bloomberg

Cowen’s shares have actually decreased by about a 3rd this year, valuing the New York-based company at about $667 million. 

Representatives for Toronto-Dominion and Cowen couldn’t be instantly grabbed remark. 

A deal would extend the reach of Toronto-Dominion’s financial investment banking arm, TD Securities, much deeper into equity and financial obligation offerings in addition to research study. Toronto-Dominion, among Canada’s most significant lending institutions, has actually been strongly aiming to grow through acquisitions, accepting purchase First Horizon Corp. in February for about $13.4 billion.

That offer was Toronto-Dominion’s biggest takeover ever and Chief Executive Bharat Masrani’s boldest relocation considering that taking the control 2014. Masrani has actually been stating for over a year that the lending institution would think about putting its additional capital to operate in a substantial U.S. offer if the ideal chance occurred.


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