TD EXPANDS INTO U.S. MARKET
By Adnews Staff
The Toronto Dominion Bank has agreed to buy U.S. discount brokerage business Waterhouse Inc. of New York for $715 million. The deal is set to close by Aug. 31 if American and Canadian regulators agree. A decision on how U.S. advertising for Waterhouse will work is yet to be made, TD spokesperson Heather Conway told Adnews last week. Gee, Jeffery & Partners Advertising of Toronto handles advertising for TD's discount brokerage, Greenline Investors Services, which opened an office in New York last year. Waterhouse and Greenline will continue to operate under their current names after the takeover. Over the past two years, as other banks opened cut-rate brokerages, Greenline's share of the Canadian discount market has dropped from 95% to somewhere between 65% and 70%.