The Toronto-Dominion Bank (TD) has completed its acquisition of Wells Fargo’s Canadian Direct Equipment Finance business.
The acquisition was finalized on May 1, and adds scale and capabilities to TD’s existing Canadian Equipment Financing business, while expanding its presence in core markets.
Darren Cooke, president of TD Equipment Finance, Canadian Business Banking, TD Bank Group said the newly combined teams will deliver expertise in equipment leasing and finance options to customers across Canada.
“In today’s challenging operating environment, businesses are looking to their bankers to help keep their fleets current, deliver new construction equipment to job sites, and support manufacturing businesses with timely customized financing and leasing solutions that help drive their competitiveness,” Cooke said.
Wells Fargo’s Canadian Direct Equipment Finance’s direct origination model is expected to allow TD to better serve a more diverse set of business customers in need of equipment loans, leases and customized financing services.
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Based in Mississauga, with regional offices across the country, including Montreal and Calgary, Wells Fargo’s Canadian Direct Equipment Finance business has a 25-year operating history, which includes the acquisition of GE Capital’s Canadian Equipment Finance business in 2016. With about $1.5 billion in assets and more than 120 employees, Wells Fargo’s Canadian Direct Equipment Finance business provides loans and leases covering a full range of equipment for businesses across Canada.
“We have enjoyed a relationship with TD for many years, as Canada is an important market for Wells Fargo,” said David Marks, head of Wells Fargo Commercial Capital. “This group of talented Canada-based employees and their equipment finance customers will benefit from TD’s strong franchise and allow us to focus our efforts on our U.S. equipment finance capabilities while continuing to serve our asset-based lending and distribution finance customers in Canada.”
TD is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses.