Wells Fargo to Sell its Canadian Equipment Finance Business

Bram Berkowitz, The Motley Fool
·1 min read
Wells Fargo to Sell its Canadian Equipment Finance Business

Toronto-Dominion Bank (NYSE: TD) has announced that it plans to acquire Wells Fargo's (NYSE: WFC) Canadian direct equipment-finance business for an undisclosed amount. The unit has assets of roughly 1.5 billion Canadian dollars ($1.18 billion) and over 120 employees. TD Bank expects the purchase to add scale to its existing Canadian equipment financing business and gain share in some of its big markets.