TD consolidates in Asia
(23 January 2009 – Asia) TD Securities is scaling back its Asian operations by moving out of Sydney and Tokyo and consolidating the operations in Singapore.
TD Securities, the investment banking arm of Canada's Toronto-Dominion Bank, said that it will be exiting operations in both Tokyo and Sydney.
The consolidated Singapore office will serve clients from both the Tokyo and Sydney operations as well as existing Singapore clients. The firm emphasised that it will not be exiting from their business in Japan and Australia.
The offices in Sydney and Tokyo currently have around 70 and 17 staff respectively.
The move would leave just three offices for TD Securities in Asia. Apart from the Singapore office, the firm also has offices in Seoul and Hong Kong.
TD Securities is a player in Australian fixed-income and, according to Reuters, sources at the bank in Sydney said the decision had come as a shock as the business had been doing well.
TD Securities ranked second in Australian bond issues sold in 2008 thanks to strong sales of Kangaroo bonds, or Australian dollar bonds sold by foreign issuers, according to KangaNews magazine, an Australian publication that covers the Kangaroo bond market.
The consolidated Singapore office will serve clients from both the Tokyo and Sydney operations as well as existing Singapore clients. The firm emphasised that it will not be exiting from their business in Japan and Australia.
The offices in Sydney and Tokyo currently have around 70 and 17 staff respectively.
The move would leave just three offices for TD Securities in Asia. Apart from the Singapore office, the firm also has offices in Seoul and Hong Kong.
TD Securities is a player in Australian fixed-income and, according to Reuters, sources at the bank in Sydney said the decision had come as a shock as the business had been doing well.
TD Securities ranked second in Australian bond issues sold in 2008 thanks to strong sales of Kangaroo bonds, or Australian dollar bonds sold by foreign issuers, according to KangaNews magazine, an Australian publication that covers the Kangaroo bond market.
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