TD BANK ACQUIRES CANADA TRUST
By Adnews Staff
TDBank is acquiring Canada Trust in an $8 billion (CDN) deal with CT Financial Services, owners of Canada Trust. The acquisition is to be completed following Imasco Ltd. shareholder approval for a deal between BAT British American Tobacco Plc and Montreal-based Imasco, which owns CT Financial Services. BAT entered into an agreement to acquire Imasco which, along with CT Financial Services, owns Shoppers Drug Mart, Genstar Development Company and Imperial Tobacco. Following regulatory approval of BAT's acquisition of Imasco, it will then proceed to sell CT Financial Services to TDBank. TDBank will combine its personal and small business retail franchise with Canada Trust and name the new division TD Canada Trust. BAT also plans to sell the Shoppers Drug Mart and Genstar Development businesses, leaving Imperial Tobacco the only business BAT owns in Canada. Integration of Canada Trust into TD will take place over the next three years. Advertising plans are not known. Currently Harrod & Mirlin/FCB of Toronto handles advertising for Canada Trust while TBWA Chiat/Day, also of Toronto, handles advertising for TDBank.