Report: TD Bank may buy Chrysler Financial Group

Toronto-Dominion Bank, better known as TD Bank, is reported to announce an agreement to acquire Chrysler Financial Group, the loan company owned by Cerberus Capital Management LP. According to three people with matter, an announcement could come as early as this week or next week. Bloomberg reports that Chrysler Financial may sell for $6 billion to $7 billion, the company’s book value.

Sources said that talks Toronto-Dominion could still fall apart and that there are other potential buyers talking to Cerberus.

Toronto-Dominion, which is Canada’s second-largest bank, spent more than $19.9 billion in expanding its operations in the United States in the past 6 years.

– By: Omar Rana

Source: Bloomberg