TD Bank Financial Group today announced it has signed a definitive agreement to acquire the asset based lending business of ABN AMRO Bank NV Canada Branch (ABN), effective September 30. The business will operate as TD Asset Finance when it becomes part of TD this summer.

“This business is a good fit with our existing commercial banking business and an opportunity for us to increase our range of product offerings in response to an increasing need for specialized financial solutions for today’s commercial clients,” says Paul Douglas, executive vp, business banking, TD Canada Trust. “It’s also a great opportunity to leverage TD Banknorth’s expertise in this area along with ABN’s experienced and respected asset based lending management team.”

“This is great news for our clients and employees,” says Keith Hughes, senior vp and business head, ABN AMRO Asset Based Lending.

ABN’s asset based kending business serves a wide variety of commercial clients with products including secured revolving lines of credit and associated term loans.