By Colin Kellaher

 

Toronto-Dominion Bank on Thursday said it agreed to buy Wells Fargo & Co.'s Canadian direct equipment-finance business for an undisclosed amount.

The Toronto financial-services company said the Wells Fargo unit has about 1.5 billion Canadian dollars (US$1.18 billion) in assets and more than 120 employees.

TD said the acquisition, which it expects to complete in the first half of the year, would add scale and capabilities to its existing Canadian equipment-financing business and expand its presence in core markets.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

January 14, 2021 10:00 ET (15:00 GMT)

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