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Using reverse mortgages

TD Bank Group to sell remaining 10.1 per cent stake in Charles Schwab

TD selling stake

The Canadian Press - Feb 10, 2025 / 5:33 am | Story: 532629

Photo: The Canadian Press

TD Bank Group says it plans to sell its 10.1 per cent stake in the Charles Schwab Corp. TD Bank signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023.

TD Bank Group says it plans to sell its 10.1 per cent stake in the Charles Schwab Corp.

Under the plan, TD is selling 184.7 million shares in the company.

Schwab shares closed at US$83.18 on the New York Stock Exchange on Friday, making the TD stake worth about US$15.4 billion.

TD says Schwab has agreed to repurchase US$1.5 billion of the shares.

The Canadian bank says it will continue to have a business relationship with Schwab through an insured deposit account agreement.

TD Bank chief executive Raymond Chun says the bank plans to use C$8 billion of the proceeds to repurchase its shares and plans to invest the balance of the proceeds in its businesses.

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