Wells Fargo to Sell its Canadian Equipment Finance Business

Erwin Oropesa

Toronto-Dominion Bank (NYSE:TD) has announced that it plans to acquire Wells Fargo‘s (NYSE:WFC) Canadian direct equipment-finance business for an undisclosed amount.

The unit has assets of roughly 1.5 billion Canadian dollars ($1.18 billion) and over 120 employees.

TD Bank expects the purchase to add scale to its existing Canadian equipment financing business and gain share in some of its big markets. The deal is expected to close in the first half of the year.

Wells Fargo

Image source: Wells Fargo.

David Marks, head of Wells Fargo Commercial Capital, issued a statement saying, “This group of talented Canada-based employees and their equipment finance customers will benefit from TD’s strong franchise and allow us to focus our efforts on our U.S. equipment finance capabilities while continuing to serve our asset-based lending and distribution finance customers in Canada.” 

The deal comes as Wells Fargo continues to shed business

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