Finance
TD Bank Seeks to Raise $14 Billion in Schwab Stake Exit
- TD selling entire 10.1% Schwab stake in secondary offering
- Bank plans to buy back C$8 billion of its own shares
Pedestrians pass in front of a TD Ameritrade Holding branch in New York.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Toronto-Dominion Bank expects to raise about $14 billion through the sale of its entire stake in Charles Schwab Corp. as part of a corporate overhaul in the wake of its historic US money-laundering settlement.
Toronto-Dominion will sell 184.7 million shares of Schwab’s common stock — representing 10.1% economic ownership — it said in a statement Monday, teeing up the biggest secondary share offering this year. Schwab has agreed to buy back $1.5 billion of its shares from TD, conditional on the completion of the offering.