TD Bank Financial Group and E*Trade Financial Corp. today confirmed that they are holding discussions with regard to a possible transaction regarding TD Waterhouse’s U.S. operations.
If TD agrees to merge its U.S. Waterhouse business with E*Trade, the deal would create a major player in the discount brokerage sector.
“There can be no assurances that the discussions will lead to an agreement, nor that such an agreement, if reached, would be consummated,” TD said in a release.
The confirmation followed a report in Tuesday’s Globe and Mail that said TD Bank would be the biggest shareholder in the new entity, holding a stake of between 40% and 50%.
The companies said they will not comment further unless an agreement is reached or the discussions are terminated.
TD, E*Trade in talks on possible Waterhouse deal
IE Staff
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