August 11, 2022

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TD Financial institution Group to acquire Wells Fargo’s Canadian Direct Products Finance Organization

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Acquisition strengthens and expands TD Enterprise Banking capabilities across Canada

TORONTO, Jan. 14, 2021 /PRNewswire/ – The Toronto-Dominion Bank (“TD”) (TSX and NYSE: TD) and Wells Fargo & Company (“Wells Fargo”) (NYSE: WFC) currently introduced a definitive agreement, topic to selected closing ailments, for TD to acquire Wells Fargo‘s Canadian Direct Products Finance business enterprise.

The acquisition of Wells Fargo‘s Canadian Immediate Devices Finance business is anticipated to include scale and capabilities to TD’s present Canadian Products Funding enterprise and extend TD’s presence in main markets. Wells Fargo‘s Canadian Direct Machines Finance’s immediate origination product is predicted to make it possible for TD to better provide a more diverse set of organization shoppers in want of competitive devices financial loans, leases, and tailored funding companies.

“In today’s complicated operating environment, enterprises are searching to their bankers to assistance retain their fleets present-day, produce new design tools to job websites, and aid manufacturing corporations with well timed custom-made financing and leasing methods that aid push their competitiveness,” suggests Darren Cooke, Vice President, TD Machines Finance, Canadian Business enterprise Banking, TD Bank Group. “We are excited to welcome Wells Fargo‘s Canadian Direct Machines Finance team of remarkably competent and professional sector specialists to TD and leverage their deep abilities in devices leasing and finance for the gain of our hugely-valued prospects nationwide.”

Headquartered in Mississauga, with regional places of work across the place, which includes Montreal and Calgary, Wells Fargo‘s Canadian Immediate Equipment Finance company has a 25-12 months working record, which includes the acquisition by Wells Fargo of GE Money‘s Canadian Products Finance company in 2016. With roughly C$1.5 billion in property and over 120 employees, Wells Fargo‘s Canadian Direct Equipment Finance business provides financial loans and leases covering a full range of commercial tools for firms across Canada. 

“We have appreciated a connection with TD for quite a few years, as Canada is an critical marketplace for Wells Fargo,” reported David Marks, Head of Wells Fargo Professional Capital. “This team of talented Canada-primarily based workers and their gear finance consumers will benefit from TD’s potent franchise and make it possible for us to concentration our initiatives on our U.S. machines finance capabilities although continuing to provide our asset-based mostly lending and distribution finance clients in Canada. We foresee a clean changeover and we are self-confident that the group’s potent target on buyers, deep relationships and sector expertise will enhance TD’s current small business.”

“This acquisition will be welcome information for both equally our current and prospective new clients. It expands our competitive place in Canada‘s Devices Finance business, builds on our solid keep track of report of legendary buyer service, and puts us in a one of a kind place to present an improved variety of in-need merchandise and companies,” states David Pinsonneault, Govt Vice President, Professional and Industrial, Canadian Small business Banking, TD Lender Group.

TD’s acquire of Wells Fargo Canadian Immediate Devices Finance small business is envisioned to near in the initially 50 % of 2021, subject to receipt of regulatory and Competitiveness Act approvals and clearance, and fulfillment of other customary closing disorders.

TD Securities served as fiscal advisor and Osler, Hoskin & Harcourt LLP served as lawful counsel to TD in link with this transaction. Wells Fargo Securities, LLC served as exclusive economical advisor and McCarthy Tetrault LLP served as authorized counsel to Wells Fargo.

Caution Pertaining to Forward-Wanting Information 

From time to time, The Toronto-Dominion Lender (the “Bank” or “TD”) tends to make prepared and/or oral ahead-wanting statements, which includes in this doc, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Lender could make ahead-hunting statements orally to analysts, investors, the media and other folks. All such statements are produced pursuant to the “safe harbour” provisions of, and are intended to be ahead-looking statements beneath, applicable Canadian and U.S. securities legislation, which include the U.S. Private Securities Litigation Reform Act of 1995. Forward-hunting statements include things like, but are not confined to, statements manufactured in this doc, statements made in the Bank’s Management’s Discussion and Assessment (“2020 MD&A”) in the Bank’s 2020 Annual Report under the headings “Economic Summary and Outlook” and “The Bank’s Response to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments beneath headings “Vital Priorities for 2021”, and for the Company section, “Concentration for 2021”, and in other statements about the Bank’s objectives and priorities for 2021 and over and above and methods to reach them, the regulatory natural environment in which the Financial institution operates, the Bank’s anticipated financial performance, and the potential financial, monetary and other impacts of the Coronavirus Condition 2019 (COVID-19). Forward-seeking statements are ordinarily discovered by words and phrases these types of as “will”, “would”, “need to”, “believe”, “be expecting”, “anticipate”, “intend”, “estimate”, “system”, “aim”, “concentrate on”, “could”, and “could”.

By their pretty character, these forward-looking statements involve the Lender to make assumptions and are issue to inherent dangers and uncertainties, normal and certain. Specially in light-weight of the uncertainty connected to the actual physical, economical, economic, political, and regulatory environments, this kind of dangers and uncertainties – a lot of of which are beyond the Bank’s management and the outcomes of which can be difficult to forecast – may bring about actual success to differ materially from the expectations expressed in the ahead-looking statements. Danger aspects that could induce, individually or in the aggregate, these types of discrepancies consist of: strategic, credit rating, current market (such as equity, commodity, overseas exchange, curiosity rate, and credit history spreads), operational (such as technological know-how, cyber security, and infrastructure), design, insurance plan, liquidity, cash adequacy, lawful, regulatory compliance and carry out, reputational, environmental and social, and other hazards. Illustrations of these kinds of risk things incorporate the economic, economic, and other impacts of the COVID-19 pandemic basic business enterprise and financial disorders in the regions in which the Lender operates geopolitical possibility the means of the Bank to execute on lengthy-phrase tactics and shorter-phrase critical strategic priorities, including the thriving completion of acquisitions and inclinations, business retention ideas, and strategic strategies engineering and cyber safety risk (together with cyber-attacks or facts security breaches) on the Bank’s information and facts know-how, world-wide-web, community entry or other voice or details communications programs or companies design danger fraud to which the Bank is uncovered the failure of third get-togethers to comply with their obligations to the Financial institution or its affiliates, together with relating to the care and command of data, and other dangers arising from the Bank’s use of 3rd-get together assistance companies the effects of new and variations to, or application of, present rules and rules, including with out limitation tax legal guidelines, money pointers and liquidity regulatory guidance and the lender recapitalization “bail-in” routine regulatory oversight and compliance hazard elevated opposition from incumbents and new entrants (such as Fintechs and significant technological innovation opponents) shifts in consumer attitudes and disruptive technological know-how environmental and social danger exposure connected to substantial litigation and regulatory matters potential of the Bank to attract, acquire, and keep crucial talent improvements to the Bank’s credit score rankings variations in forex and desire charges (including the likelihood of adverse desire rates) amplified funding expenditures and market place volatility thanks to current market illiquidity and competitiveness for funding Interbank Supplied Amount (IBOR) transition risk significant accounting estimates and alterations to accounting benchmarks, policies, and strategies utilized by the Bank current and potential intercontinental financial debt crises environmental and social chance and the incidence of organic and unnatural catastrophic events and claims resulting from such gatherings.

The Bank’s acquisition of Wells Fargo‘s Canadian Direct Machines Finance organization is issue to regulatory approvals and specified other problems.  There is no assurance that the acquisition will be accomplished as described in this doc or at all.  There can be no assurance that the Lender will realize the predicted benefits or success, and real results could differ materially from the anticipations expressed in the forward-seeking statements.  Illustrations of content assumptions built by the Bank in the forward-seeking statements consist of assumptions pertaining to expected synergies, based on the Bank’s knowledge. 

The Lender cautions that the previous listing is not exhaustive of all probable threat things and other things could also adversely influence the Bank’s outcomes. For additional detailed details, you should refer to the “Risk Variables and Administration” section of the 2020 MD&A, as may possibly be up-to-date in subsequently filed quarterly reviews to shareholders and news releases (as relevant) linked to any activities or transactions reviewed beneath the headings “Sizeable Activities” in the appropriate MD&A, which relevant releases may well be observed on www.td.com. All these factors should really be viewed as meticulously, as properly as other uncertainties and possible events, and the inherent uncertainty of ahead-looking statements, when building selections with regard to the Financial institution and the Financial institution cautions visitors not to place undue reliance on the Bank’s forward-wanting statements.

Product economic assumptions fundamental the forward-hunting statements contained in this doc are established out in the 2020 MD&A less than the headings “Financial Summary and Outlook” and “The Bank’s Response to COVID-19”, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, “Critical Priorities for 2021”, and for the Company phase, “Focus for 2021”, every single as might be current in subsequently submitted quarterly reviews to shareholders.

Any forward-seeking statements contained in this document stand for the views of administration only as of the day hereof and are presented for the goal of aiding the Bank’s shareholders and analysts in comprehending the Bank’s economic position, targets and priorities and anticipated monetary effectiveness as at and for the periods ended on the dates presented, and may not be proper for other uses. The Bank does not undertake to update any ahead-searching statements, whether or not penned or oral, that may well be created from time to time by or on its behalf, other than as required below applicable securities laws.

About TD Bank Team

The Toronto-Dominion Lender and its subsidiaries are collectively recognised as TD Lender Group (“TD” or the “Lender”). TD is the sixth major financial institution in North The united states by branches and serves above 26 million customers in 3 vital companies functioning in a number of destinations in economical centres about the globe: Canadian Retail, including TD Canada Have faith in, TD Vehicle Finance Canada, TD Prosperity (Canada), TD Immediate Investing, and TD Coverage U.S. Retail, which include TD Lender, America’s Most Effortless Bank®, TD Car Finance U.S., TD Wealth (U.S.), and an financial commitment in The Charles Schwab Company and Wholesale Banking, which includes TD Securities. TD also ranks among the the world’s foremost on the internet monetary solutions companies, with more than 14 million active on the web and mobile clients. TD had C$1.7 trillion in belongings on Oct 31, 2020. The Toronto-Dominion Bank trades less than the image “TD” on the Toronto and New York Stock Exchanges.

About Wells Fargo

Wells Fargo & Organization (NYSE: WFC) is a diversified, community-based monetary companies business with US$1.92 trillion in belongings. Wells Fargo‘s eyesight is to satisfy our customers’ financial wants and help them do well monetarily. Established in 1852 and headquartered in San Francisco, Wells Fargo offers banking, expenditure and mortgage loan goods and providers, as very well as buyer and commercial finance, as a result of 7,200 spots, extra than 13,000 ATMs, the online (wellsfargo.com) and mobile banking, and has places of work in 31 nations around the world and territories to assist shoppers who carry out company in the world-wide economy. Wells Fargo serves 1 in three households in the United States. Wells Fargo & Firm was rated No. 30 on Fortune’s 2020 rankings of America’s premier corporations. Information, insights and perspectives from Wells Fargo are also readily available at Wells Fargo Tales. Additional information and facts may be located at www.wellsfargo.com | Twitter: @WellsFargo.

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Resource TD Lender Group

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