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Revision as of 21:46, 30 July 2005 by 66.38.206.70 (talk)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)The Toronto-Dominion Bank (formerly just TD Bank), now the Toronto-Dominion Bank Financial Group (TDBFG) TSX: TD offers a range of financial products and services. The Company is organized into three key businesses: personal and commercial banking (TD Canada Trust), wealth management (including the global operations of TD Waterhouse) and wholesale banking. Personal and Commercial Banking comprises the Bank's retail, commercial banking and insurance operations. It is one of Canada's Big Six banks.
History
The Toronto Bank was founded 1855 by a group of flour millers, while in 1871 the Dominion Bank was created by James Austin. The two merged in 1955. In 1993 it acquired the branches of Central Guaranry Trust. In 2000 TD acquired Canada Trust and thus forming TD Canada Trust for all its branch operations in Canada. Canada Trust began as Huron & Erie Savings and Loan Society in 1864 and became Canada Trust Company in 1962. Green Machines, the bank's ATM, were introduced in 1976. Green Line Investor Services Inc was established in 1984 and was merged with Waterhouse Investor Services in 1996. Laurentian Bank Retail Branches in Ontario and BC were acquired in 2003.
Merger
- Bank of Toronto and Dominion Bank 1955
- Waterhouse Investor Services 1996
- Canada Trustco 2000
- Laurentian Bank Retail Branches (Ontario-BC) 2003
- Banknorth NA 2005? - Pending merger approval
Operations
The bank's headquarters is at the Toronto Dominion Centre at King Street and Bay Street. The towering black skyscrapers were designed by Ludwig Mies van der Rohe and was the first major skyscraper in the city. Opened in 1967, the TD Centre was the inspiration of Allen Lambert (1911-2002), the former President and Chairman of the Board of the bank.
The bank's most famous branch at 1401 Bleury Street, Montreal, Quebec was at the hub of financing for the post-World War II textile industry that became a major employer in that city. In author Peter C. Newman's 1976 book, The Canadian Establishment, in his section on the Canadian banking industry, he referred to the Toronto-Dominion Bank's top executives as being those who were able to make it at this prestigious branch.
TD Bank Financial Group subsidiaries include:
- TD Canada Trust - personal and commercial banking services
- TD Insurance
- TD Meloche Monnex
- TD Commercial Banking
- TD Waterhouse - Wealth Management
- TD Waterhouse Bank NA
- TD Asset Management - Wealth Management
- TD Securities - Wholesale banking
Wealth Management offers investors an array of investment products and services. Wealth Management is comprised of a number of advisory, distribution and asset management businesses, including TD Waterhouse and TD Mutual Funds.
Under the TD Securities brand, Wholesale Banking serves a diverse base of corporate, government and institutional clients in key financial markets around the world. On August 26, 2004, the Bank announced a definitive agreement to acquire a 51% interest in Banknorth Group, Inc. (now TD Banknorth).
Executives
- W. Edmund Clark - President and CEO 2002-present
- John M. Thompson - Chair 2003-present
Mergers
In February 2000, TD acquired Canada Trust and merged the operations together to become the third largest bank in Canada. Afterwards, the name of the new company was Toronto-Dominion Bank Financial Group (TDBFG).
TD Bank was in merger talks with CIBC prior to the TD-Canada Trust merger, but fell through due in part to restrictions from federal approval.
See also List of banks in Canada
Membership
TDBFG is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:
- Interac
- VISA International
- Plus Network for VISA cards
- NYCE ATM network
Subsidiaries
- TD Canada Trust
- TD Securities Inc.
- TD Waterhouse Group, Inc.