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TD Bank’s Regulatory Challenges Halt U.S Acquisitions: An In-Depth Analysis
inserted textTD Bank, despite having substantial capital ready for acquisitions, is said to be unable to proceed with them in the United States due to ongoing regulatory issues. These challenges, initially experienced during an attempt to acquire First Horizon Bank, are expected to prevent further acquisitions of other retail banks for a period of three to five years.
The failure of the First Horizon deal has left TD Bank with billions of dollars of surplus capital. This situation has paradoxically made the bank one of the safest at present, while simultaneously giving it no avenue for capital investment.
No response has been received from TD Bank regarding this matter.
Just a week ago, it was reported that TD Bank’s plans to acquire First Horizon were stalled due to concerns about the bank’s anti-money laundering (AML) practices. The Office of the Comptroller of the Currency (OCC) and the Federal Reserve had issues with the bank’s handling of unusual transactions and its punctuality in reporting suspicious activity.
TD Bank stated its commitment to preventing illicit use of its services, continually strengthening its risk management programs, and protecting the interests of its customers and the financial system.
The proposed merger between TD Bank and First Horizon, valued at $13.4 billion, was cancelled on May 4. The decision followed TD Bank’s inability to provide a timeline for regulatory approvals. The merger, if successful, would have resulted in the creation of the sixth-largest bank in America.
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