TD Financial institution Team to purchase Wells Fargo’s Canadian Direct Devices Finance Business enterprise

Acquisition strengthens and expands TD Small business Banking abilities throughout Canada

TORONTO, Jan. 14, 2021 /PRNewswire/ – The Toronto-Dominion Lender (“TD”) (TSX and NYSE: TD) and Wells Fargo & Enterprise (“Wells Fargo”) (NYSE: WFC) these days announced a definitive agreement, issue to selected closing problems, for TD to receive Wells Fargo’s Canadian Immediate Devices Finance company.

The acquisition of Wells Fargo’s Canadian Immediate Equipment Finance business is anticipated to include scale and abilities to TD’s current Canadian Equipment Funding organization and extend TD’s existence in core markets. Wells Fargo’s Canadian Immediate Tools Finance’s immediate origination model is anticipated to let TD to better provide a additional varied set of small business clients in have to have of aggressive gear financial loans, leases, and personalized funding providers.

“In today’s hard operating environment, organizations are looking to their bankers to assistance maintain their fleets recent, supply new design equipment to work websites, and assistance producing businesses with well timed personalized financing and leasing alternatives that assistance generate their competitiveness,” says Darren Cooke, Vice President, TD Equipment Finance, Canadian Business enterprise Banking, TD Lender Group. “We are fired up to welcome Wells Fargo’s Canadian Direct Equipment Finance team of very experienced and experienced field experts to TD and leverage their deep abilities in products leasing and finance for the benefit of our highly-valued buyers nationwide.”

Headquartered in Mississauga, with regional places of work across the nation, together with Montreal and Calgary, Wells Fargo’s Canadian Direct Tools Finance enterprise has a 25-yr working heritage, which contains the acquisition by Wells Fargo of GE Capital’s Canadian Devices Finance small business in 2016. With around C$1.5 billion in belongings and in excess of 120 employees, Wells Fargo’s Canadian Immediate Tools Finance business gives loans and leases masking a entire array of commercial gear for companies across Canada.

“We have relished a relationship with TD for lots of several years, as Canada is an essential market for Wells Fargo,” claimed David Marks, Head of Wells Fargo Professional Money. “This group of proficient Canada-dependent staff members and their tools finance clients will gain from TD’s strong franchise and allow us to focus our efforts on our U.S. equipment finance capabilities though continuing to serve our asset-based mostly lending and distribution finance buyers in Canada. We foresee a smooth changeover and we’re self-confident that the group’s solid target on buyers, deep interactions and field expertise will complement TD’s current enterprise.”

“This acquisition will be welcome information for both our present and potential new prospects. It expands our competitive situation in Canada’s Machines Finance market, builds on our powerful track file of legendary shopper services, and puts us in a unique place to supply an elevated vary of in-desire items and companies,” states David Pinsonneault, Government Vice President, Commercial and Industrial, Canadian Company Banking, TD Bank Team.

TD’s acquire of Wells Fargo Canadian Direct Gear Finance small business is anticipated to shut in the to start with fifty percent of 2021, topic to receipt of regulatory and Opposition Act approvals and clearance, and fulfillment of other customary closing conditions.

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

Caution Pertaining to Forward-Searching Details

From time to time, The Toronto-Dominion Bank (the “Bank” or “TD”) can make published and/or oral ahead-hunting statements, such as in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Trade Commission (SEC), and in other communications. In addition, reps of the Lender might make forward-looking statements orally to analysts, traders, the media and some others. All these kinds of statements are manufactured pursuant to the “safe harbour” provisions of, and are supposed to be forward-wanting statements beneath, applicable Canadian and U.S. securities laws, which includes the U.S. Private Securities Litigation Reform Act of 1995. Ahead-wanting statements include, but are not constrained to, statements manufactured in this document, statements manufactured in the Bank’s Management’s Discussion and Examination (“2020 MD&A”) in the Bank’s 2020 Annual Report less than the headings “Economic Summary and Outlook” and “The Bank’s Reaction to COVID-19″, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments underneath headings “Key Priorities for 2021”, and for the Corporate phase, “Focus for 2021″, and in other statements about the Bank’s goals and priorities for 2021 and past and strategies to reach them, the regulatory environment in which the Bank operates, the Bank’s anticipated fiscal effectiveness, and the potential economic, financial and other impacts of the Coronavirus Condition 2019 (COVID-19). Forward-on the lookout statements are usually determined by phrases these as “will”, “would”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “plan”, “goal”, “target”, “may”, and “could”.

By their incredibly nature, these forward-seeking statements have to have the Bank to make assumptions and are subject to inherent pitfalls and uncertainties, basic and specific. Particularly in mild of the uncertainty linked to the bodily, money, economic, political, and regulatory environments, this sort of risks and uncertainties – many of which are past the Bank’s control and the outcomes of which can be tough to forecast – may possibly trigger precise success to vary materially from the expectations expressed in the ahead-wanting statements. Risk factors that could result in, individually or in the mixture, this sort of differences involve: strategic, credit, market (such as equity, commodity, foreign trade, fascination charge, and credit history spreads), operational (like know-how, cyber protection, and infrastructure), design, insurance coverage, liquidity, money adequacy, legal, regulatory compliance and conduct, reputational, environmental and social, and other pitfalls. Examples of this kind of threat elements involve the financial, economical, and other impacts of the COVID-19 pandemic typical business enterprise and economic problems in the locations in which the Financial institution operates geopolitical hazard the capability of the Lender to execute on very long-time period strategies and shorter-phrase vital strategic priorities, such as the effective completion of acquisitions and dispositions, enterprise retention ideas, and strategic plans technological innovation and cyber stability hazard (together with cyber-assaults or details stability breaches) on the Bank’s information and facts engineering, world-wide-web, community access or other voice or info communications methods or providers model hazard fraud to which the Lender is uncovered the failure of third parties to comply with their obligations to the Financial institution or its affiliates, including relating to the care and manage of data, and other hazards arising from the Bank’s use of 3rd-social gathering support companies the impression of new and adjustments to, or software of, latest guidelines and laws, including with no limitation tax legal guidelines, cash recommendations and liquidity regulatory assistance and the bank recapitalization “bail-in” routine regulatory oversight and compliance risk enhanced competitors from incumbents and new entrants (such as Fintechs and large technology rivals) shifts in shopper attitudes and disruptive technological innovation environmental and social threat exposure connected to substantial litigation and regulatory matters means of the Lender to draw in, acquire, and keep crucial expertise improvements to the Bank’s credit scores modifications in forex and desire rates (which include the chance of destructive desire charges) elevated funding expenses and current market volatility thanks to marketplace illiquidity and competitors for funding Interbank Supplied Charge (IBOR) transition hazard important accounting estimates and adjustments to accounting expectations, guidelines, and strategies utilized by the Lender present and prospective international credit card debt crises environmental and social possibility and the prevalence of normal and unnatural catastrophic gatherings and promises resulting from this kind of functions.

The Bank’s acquisition of Wells Fargo’s Canadian Immediate Devices Finance organization is issue to regulatory approvals and certain other ailments. There is no assurance that the acquisition will be concluded as explained in this doc or at all. There can be no assurance that the Financial institution will comprehend the predicted added benefits or benefits, and precise success could differ materially from the expectations expressed in the ahead-hunting statements. Examples of materials assumptions created by the Lender in the forward-looking statements consist of assumptions concerning expected synergies, centered on the Bank’s encounter.

The Lender cautions that the preceding list is not exhaustive of all possible chance variables and other aspects could also adversely have an affect on the Bank’s benefits. For more comprehensive info, make sure you refer to the “Risk Things and Management” segment of the 2020 MD&A, as might be updated in subsequently submitted quarterly reviews to shareholders and information releases (as relevant) connected to any activities or transactions talked about less than the headings “Significant Events” in the appropriate MD&A, which relevant releases may perhaps be discovered on All these aspects really should be thought of diligently, as properly as other uncertainties and potential situations, and the inherent uncertainty of ahead-seeking statements, when building conclusions with respect to the Financial institution and the Lender cautions viewers not to spot undue reliance on the Bank’s forward-hunting statements.

Substance financial assumptions fundamental the ahead-searching statements contained in this doc are set out in the 2020 MD&A below the headings “Economic Summary and Outlook” and “The Bank’s Reaction to COVID-19″, for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, “Key Priorities for 2021”, and for the Company section, “Focus for 2021″, just about every as may perhaps be up-to-date in subsequently filed quarterly reviews to shareholders.

Any forward-searching statements contained in this doc stand for the views of administration only as of the day hereof and are introduced for the purpose of aiding the Bank’s shareholders and analysts in knowledge the Bank’s money placement, objectives and priorities and anticipated money effectiveness as at and for the durations ended on the dates offered, and may possibly not be proper for other uses. The Lender does not undertake to update any ahead-looking statements, regardless of whether composed or oral, that could be manufactured from time to time by or on its behalf, except as necessary underneath relevant securities laws.

About TD Financial institution Group

The Toronto-Dominion Bank and its subsidiaries are collectively acknowledged as TD Bank Group (“TD” or the “Bank”). TD is the sixth greatest financial institution in North The united states by branches and serves over 26 million buyers in a few crucial corporations working in a variety of locations in financial centres all around the world: Canadian Retail, together with TD Canada Rely on, TD Automobile Finance Canada, TD Prosperity (Canada), TD Direct Investing, and TD Insurance policy U.S. Retail, such as TD Bank, America’s Most Hassle-free Bank®, TD Auto Finance U.S., TD Prosperity (U.S.), and an investment decision in The Charles Schwab Corporation and Wholesale Banking, such as TD Securities. TD also ranks among the world’s foremost on the net fiscal solutions firms, with additional than 14 million energetic online and cell clients. TD had C$1.7 trillion in property on October 31, 2020. The Toronto-Dominion Financial institution trades below the image “TD” on the Toronto and New York Inventory Exchanges.

About Wells Fargo

Wells Fargo & Corporation (NYSE: WFC) is a diversified, local community-based mostly fiscal companies organization with US$1.92 trillion in property. Wells Fargo’s vision is to fulfill our customers’ financial requires and support them triumph fiscally. Started in 1852 and headquartered in San Francisco, Wells Fargo delivers banking, financial commitment and house loan items and products and services, as very well as consumer and industrial finance, by 7,200 areas, much more than 13,000 ATMs, the internet ( and cell banking, and has offices in 31 international locations and territories to support shoppers who conduct company in the world economic climate. Wells Fargo serves 1 in a few homes in the United States. Wells Fargo & Organization was ranked No. 30 on Fortune’s 2020 rankings of America’s premier corporations. News, insights and perspectives from Wells Fargo are also offered at Wells Fargo Stories. Extra facts may well be observed at | Twitter: @WellsFargo.

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Resource TD Financial institution Group