TD Bank To Buy Wells Fargo’s Canadian Business

Toronto-dominion Bank said on Thursday it had agreed to buy u.s. lender Wells Fargo & Co.’s Canadian direct Equipment Finance business. The Canadian direct Equipment Finance business has about $1.5 billion in assets and provides loans and leases for commercial equipment across Canada. The deal is expected to close in the first half of 2021. The sale of the Canadian business is one of many steps taken by chief executive Charles Scharf to turn Wells Fargo around following a years-old sales practices scandal. He has been cutting costs and shedding noncore businesses. reuters reported on Thursday that Wells Fargois in exclusive talks to sell its asset management business, which manages more than us$607 billion, to a private equity consortium led by GTCR LLC and reverence Capital Partners LP.