(27 January 2004 – USA) Despite the recent merger activity in the North American banking industry, Toronto Dominion Bank has shelved plans to merge its US-based Waterhouse online broking arm with rival E-Trade Financial Corp.The two companies were unable to agree on terms, thereby scrapping what would have become the second largest discount broker in the US after Charles Schwab.
The deal would have benefited Toronto Dominion Bank, which is the number three bank in Canada, in its bid to gain more of a presence in the US. The bank paid C$720 million for Waterhouse in 1996 but the online broking company is now said to be worth nearer to C$3 billion.