Toronto-Dominion Bank may have caught a lucky break in the current banking turmoil centred on America’s regional banking sector.
Some U.S. banks also suffer a mismatch between the low interest rates on their long-term bond holdings and the higher rates they must now pay depositors. TD is already one of America’s biggest banks. Adding First Horizon’s assets would not make that much difference. The two banks are negotiating yet another deadline after First Horizon warned this month that regulatory approval can’t be expected by the latest May 27 deadline.
By the time a TD-First Horizon deal is approved, the Biden administration will likely have begun rolling out stricter regulations on the regional banking sector.
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