TD Bank said in talks to buy Chrysler Financial |
| Reuters - Dec 7, 2010 |
Toronto-Dominion Bank (TD.TO) is in talks to buy lender Chrysler Financial from private equity firm Cerberus Capital Management [CBS.UL], a source familiar with the matter said on Tuesday.
The deal, pegged by a Bloomberg report to be worth as much as $6 billion to $7 billion, would continue TD's torrid pace of U.S. acquisitions and could give the bank a "first-mover" advantage if Canada's government amends laws that prevent banks from offering auto leasing, said one observer.
TD and Cerberus declined to comment, while Chrysler Financial was not immediately available for comment. The source asked for anonymity because the TD-Cerberus talks are not public.
Chrysler Financial, the former lending arm of the automaker, saw its scope of operations reduced as part of a U.S. government-sponsored restructuring of Chrysler and General Motors last year. Ally Financial Inc, the auto and mortgage lender formerly known as GMAC, took over some of the unit's operations in connection with the restructuring.
Read Full Article from Reuters
- Posted: 2010-12-07 13:19:12
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