TD Bank signs deal to buy Wells Fargo’s Canadian equipment finance business

Toronto-Dominion Bank has signed a deal to buy Wells Fargo’s Canadian direct equipment finance business.

Financial terms of the deal were not immediately available.

TD says the acquisition will grow its existing

Canadian equipment financing business and expand its presence in core markets.

Wells Fargo’s Canadian direct equipment finance business is based in Mississauga, Ont., with regional offices across the country, including Montreal and Calgary.

It provides loans and leases for commercial equipment and has $1.5 billion in assets and over 120 employees.

The deal is expected to close in the first half of 2021, subject to regulatory and Competition Act approvals and clearance as well as other customary closing conditions.