Toronto-Dominion Bank (TD) of Toronto is selling its European direct investing business to Glasgow-based Interactive Investor plc. TD says it wants to focus on growth in North America.
The transaction will occur with the sale of the shares of TD Wealth Holdings (U.K.) Ltd. and TD Bank International S.A. (Luxembourg), collectively known as TD Direct Investing, to the Scottish online retail broker, according to an announcement released by TD on Wednesday.
“With this transaction, we will remain focused on our core areas of growth in North America, where we are a top-10 financial institution with an ambitious agenda to expand our wealth franchise, which currently serves 2.2 million clients and has more than $700 billion in client assets across Canada and the U.S.,” says Leo Salom, executive vice president of TD’s wealth-management arm, through the release.
The transaction is subject to regulatory approval, which is likely to take place in early 2017, according to a note on Interactive Investor’s website.