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| Home > News > Financial and Economic News > TD Bank to purchase American-lender Chrysler Financial |
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| TD Bank to purchase American-lender Chrysler Financial |
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| 12/21/2010
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Canadian banks have made a significant splash in financial news this past week. On Tuesday, Toronto-Dominion (TD) Bank announced that it is purchasing Chrysler Financial for $6.3 billion.
According to The Associated Press (AP), TD Bank is acquiring Chrysler Financial - which is a U.S. lender that formally provided financial services to dealers and consumers of Chrysler, Jeep and Dodge vehicles - from Cerberus Capital Management. If the deal is finalized, the transaction will be the biggest purchase of a U.S. lender since Wells Fargo bought Wachovia Corp. in December 2008 for about $15 billion, according to the news provider.
Last week, Bank of Montreal purchased Milwaukee-based Mashall and Ilsley Corp., which is Wisconsin's biggest bank, for $4.1 billion. Corporate mergers, along with signs of an improving economy and a tax cut package passed by Congress, have helped drive stocks higher, according to the AP. The Dow Jones industrial average was up 0.4 percent in midday trading on Tuesday, while the Nasdaq composite index was up 0.5 percent.
Individuals who are interested in leading a company's investment strategies may consider pursuing an MBA degree with a specialty in finances. According to PayScale.com, chief financial officers who hold this certification typically between $95,928 and $170,262 per year. |
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