Facing limited domestic growth options because of their inability to merge, Canadian banks are finding opportunity to build domestic market share in the troubles of capital-challenged European and U.S. banks. Toronto-Dominion Bank (TD.TO) and National Bank of Canada (NA.TO) have both bought Canadian assets from foreign-based banks that are trimming down operations to boost their capital positions. And observers say more deals are likely. "I think there's a lot of need to shed non-core assets by global banks," said Juliette John, a portfolio manager at Bissett Investment Management. "The Canadians I think are in a very good position."
Shares of TD traded higher by 1.43% or $1.072/share to $76.12. In the past year, the shares have traded as low as $64.84 and as high as $89.79. On average, 884489 shares of TD exchange hands on a given day and today's volume is recorded at 280776.
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