Canadian TD Bank’s move for Cowen underscores desire for a bigger piece of the investment-banking pie
Hi. I''m Aaron Weinman. Toronto-Dominion Bank agreed to buy investment bank Cowen for $1.3 billion on Tuesday. Let''s understand how this deal underscores the Canadian bank''s investment-banking ambitions in the US, and how it reflects the broader dealmaking market for financial institutions. If this was forwarded to you, sign up here . Download Insider''s app here . 1. Toronto-Dominion Bank''s $1.3 billion move for Cowen underscores that the Canadian lender wants more of the US investment-banking pie. The deal comes after TD agreed to buy Memphis-based First Horizon Corp. for $13.4 billion in February. Cowen provides investment research and advisory services for MA. TD will fund the acquisition from the $1.9 billion of proceeds it will receive from the sale of some of its stake in Charles Schwab. TD also hopes to improve its share of business in the US capital markets by leveraging its balance sheet with Cowen''s expertise in investment banking, one banker focused on MA for financial institutions said.
Canadian TD Bank’s move for Cowen underscores desire for a bigger piece of the investment-banking pie
Hi. I''m Aaron Weinman. Toronto-Dominion Bank agreed to buy investment bank Cowen for $1.3 billion on Tuesday. Let''s understand how this deal underscores the Canadian bank''s investment-banking ambitions in the US, and how it reflects the broader dealmaking market for financial institutions. If this was forwarded to you, sign up here . Download Insider''s app here . 1. Toronto-Dominion Bank''s $1.3 billion move for Cowen underscores that the Canadian lender wants more of the US investment-banking pie. The deal comes after TD agreed to buy Memphis-based First Horizon Corp. for $13.4 billion in February. Cowen provides investment research and advisory services for MA. TD will fund the acquisition from the $1.9 billion of proceeds it will receive from the sale of some of its stake in Charles Schwab. TD also hopes to improve its share of business in the US capital markets by leveraging its balance sheet with Cowen''s expertise in investment banking, one banker focused on MA for financial institutions said.