TD's market capitalization surpasses Royal

Article Abstract:

Toronto-Dominion Bank is currently valued by the stock market at C$22.8 billion, surpassing the Royal Bank of Canada as the country's largest bank. Its stock closed on Apr 7, 1999, at a new 52-week high of C$78.50, spurred by the bank's announcement of the planned IPO of 10% of its entire discount brokerage operation. Toronto-Dominion, which reported assets of C$181.3 million at the end of 1998, is expected to generate C$700 million-C$1 billion from the planned IPO.

Commercial Banks, Commercial Banking, Capital funds & cash flow, Toronto Dominion Bank

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Failed merger to cost shareholders

Article Abstract:

CT Financial Services Inc's failure to acquire Surrey Metro Savings Credit Union for C$131 million will cost stockholders of the two firms over C$1 million. Surrey Metro stockholders supported the deal, but its clients rejected the planned acquisition by London, Ontario-based CT Financial. Surrey Metro, which is the lone credit union in Canada, will write a one-time charge in the 1st qtr of FY 1999 to cover the costs of the failed deal.

Asset sales & divestitures, Acquisitions & mergers, Credit Unions, Surrey Metro Savings Credit Union

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