The Toronto-Dominion Bank (or TD Bank) offers a range of financial products and services. The Company is organized into three key businesses: personal and commercial banking (TD Canada Trust), wealth management (including the global operations of TD Waterhouse) and wholesale banking. Personal and Commercial Banking comprises the Bank's retail, commercial banking and insurance operations.
Wealth Management offers investors an array of investment products and services. Wealth Management is comprised of a number of advisory, distribution and asset management businesses, including TD Waterhouse and TD Mutual Funds.
Under the TD Securities brand, Wholesale Banking serves a diverse base of corporate, government and institutional clients in key financial markets around the world. On August 26, 2004, the Bank announced a definitive agreement to acquire a 51% interest in Banknorth Group, Inc.
The agreement allows TD Bank Financial to have a maximum ownership of 39.9 percent for the first three years and a maximum 45 percent for up to 10 years.
Customers of Ameritrade and TDWaterhouse may have to wait until after the deal closes to learn exactly what this will mean for them.
Generally, the owners of TDWaterhouse's 2.3 million accounts will have to adjust to using Ameritrade's trading platform, and the owners of Ameritrade's 3.7 million accounts can expect to be offered investment advice through a nationwide network of branch offices created out of TDWaterhouse's 143 offices.
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