LRC-1019 Contact us. From time to time, The Toronto-Dominion Bank (the "Bank" or "TD") makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. The Toronto-Dominion Bank (TD) and Wells Fargo have unveiled a deal through which TD will buy the Canadian Direct Equipment Finance operation of Wells Fargo, which is “subject to certain closing conditions,” according to a Thursday (Jan. 14) announcement. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Expertus conducts business in cloud services for the financial sector with more than 1,000 credit unions, banks, businesses and regulatory agencies. It’s also among the biggest Society for Worldwide Interbank Financial Transactions (SWIFT) North American services bureaus. A Cision company. Risk factors that could cause, individually or in the aggregate, such differences include: strategic, credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), operational (including technology, cyber security, and infrastructure), model, insurance, liquidity, capital adequacy, legal, regulatory compliance and conduct, reputational, environmental and social, and other risks. "This acquisition will be welcome news for both our existing and potential new customers. Headquartered in Mississauga, with regional offices across the country, including Montreal and Calgary, Wells Fargo's Canadian Direct Equipment Finance business has a 25-year operating history, which includes the acquisition by Wells Fargo of GE Capital's Canadian Equipment Finance business in 2016. Wells Fargo Equipment Finance (WFEF) is a leading bank-owned equipment leasing and finance company in the U.S. with a portfolio exceeding $48.9 billion, more than 133,000 active customers and 1,100+ team members with coverage in all 50 states and Canada. Wells Fargo's Canadian Direct Equipment Finance's direct origination model is expected to allow TD to better serve a more diverse set of business customers in need of competitive equipment loans, leases, and customized financing services. Acquisition strengthens and expands TD Business Banking capabilities across Canada. The Toronto-Dominion Bank (TD) and Wells Fargo have unveiled a deal through which TD will buy the Canadian Direct Equipment Finance operation of Wells Fargo, which is … We can also provide full-service lease capabilities for railcars and locomotives through our Wells Fargo Rail team of professionals. Curiously, however, new PYMNTS research shows that consumers are more willing to share location data with food-ordering apps than with their own bank’s mobile app. In separate acquisitions news, IBM has purchased Canadian FinTech Expertus Technologies in an effort to bolster its hybrid cloud and artificial intelligence (AI) infrastructure in addition to its digital payment strategies. Automated phone payments or agent-assisted payments can also be made by calling 1-800-289-8004. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank's control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Wells Fargo's Canadian Direct Equipment Finance's direct origination model is expected to allow TD to better serve a more diverse set of business customers in need of competitive equipment loans, leases and customized financing services. The acquisition is expected to close in the first half of 2021, subject to regulatory approvals and certain other conditions. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation. 30 on Fortune's 2020 rankings of America's largest corporations. David Marks, head of Wells Fargo Commercial Capital, issued a statement saying, "This group of talented Canada-based employees and their equipment finance customers … “This group of talented Canada-based employees and their equipment finance customers will benefit from TD’s strong franchise and allow us to focus our efforts on our U.S. equipment finance capabilities while continuing to serve our asset-based lending and distribution finance customers in Canada,” Head of Wells Fargo Commercial Capital David Marks said in the announcement. Others named Ken Walker. At Wells Fargo, we want to satisfy our customers' financial needs and help them succeed financially. TORONTO, Jan. 14, 2021 /CNW/ - The Toronto-Dominion Bank ("TD") (TSX and NYSE: TD) and Wells Fargo & Company ("Wells Fargo") (NYSE: WFC) today announced a definitive agreement, subject to certain closing conditions, for TD to acquire Wells Fargo's Canadian Direct Equipment Finance business. With approximately C$1.5 billion in assets and over 120 employees, Wells Fargo's Canadian Direct Equipment Finance business provides loans and leases covering a full range of commercial equipment for businesses across Canada. By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Copyright © 2021 CNW Group Ltd. All Rights Reserved. Caution Regarding Forward-Looking Information. Examples of such risk factors include the economic, financial, and other impacts of the COVID-19 pandemic; general business and economic conditions in the regions in which the Bank operates; geopolitical risk; the ability of the Bank to execute on long-term strategies and shorter-term key strategic priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans; technology and cyber security risk (including cyber-attacks or data security breaches) on the Bank's information technology, internet, network access or other voice or data communications systems or services; model risk; fraud to which the Bank is exposed; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information, and other risks arising from the Bank's use of third-party service providers; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, capital guidelines and liquidity regulatory guidance and the bank recapitalization "bail-in" regime; regulatory oversight and compliance risk; increased competition from incumbents and new entrants (including Fintechs and big technology competitors); shifts in consumer attitudes and disruptive technology; environmental and social risk; exposure related to significant litigation and regulatory matters; ability of the Bank to attract, develop, and retain key talent; changes to the Bank's credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; Interbank Offered Rate (IBOR) transition risk; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; environmental and social risk; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. It is anticipated that TD’s acquisition of the business will close in the first six months of this year “subject to receipt of regulatory and Competition Act approvals and clearance, and satisfaction of other customary closing conditions,” according to the announcement. The acquisition of Wells Fargo's Canadian Direct Equipment Finance business is expected to add scale and capabilities to TD's existing Canadian Equipment Financing business and expand TD's presence in core markets. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to the Bank and the Bank cautions readers not to place undue reliance on the Bank's forward-looking statements. TD had C$1.7 trillion in assets on October 31, 2020. and its subsidiaries. TD's purchase of Wells Fargo Canadian Direct Equipment Finance business is expected to close in the first half of 2021, subject to receipt of regulatory and Competition Act approvals and clearance, and satisfaction of other customary closing conditions. Customer Service Search Opens a dialog. The Toronto-Dominion Bank (TD Bank) has announced entering into a definitive agreement to acquire Wells Fargo‘s Canadian Direct Equipment Finance business. It offers loans and leases for a complete assortment of commercial equipment for Canadian companies. https://www.merchantmaverick.com/reviews/wells-fargo-equipment-financing We anticipate a smooth transition and we're confident that the group's strong focus on customers, deep relationships and industry expertise will complement TD's existing business.". TD Securities served as financial advisor and Osler, Hoskin & Harcourt LLP served as legal counsel to TD in connection with this transaction. About: From the online betting sector where one’s physical location at the time of wager is a matter of state law, to banks complying with stringent international Know Your Customer (KYC) regulations, geolocation services are proving a powerful weapon against fraudsters. It expands our competitive position in Canada's Equipment Finance industry, builds on our strong track record of legendary customer service, and puts us in a unique position to offer an increased range of in-demand products and services," says David Pinsonneault, Executive Vice President, Commercial and Industrial, Canadian Business Banking, TD Bank Group. For further information: Astrid-Maria Ciarallo, [email protected], 416 873 7556; LaTrina Shepherd, [email protected], 312-339-0012. TD also ranks among the world's leading online financial services firms, with more than 14 million active online and mobile customers. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Wells Fargo's Canadian Direct Equipment Finance's direct origination model is expected to allow TD to better serve a more diverse set of business customers in need of competitive equipment … For more detailed information, please refer to the "Risk Factors and Management" section of the 2020 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any events or transactions discussed under the headings "Significant Events" in the relevant MD&A, which applicable releases may be found on www.td.com. Personal Small Business; selected Commercial ... Equipment financing transactions are provided in Canada by Wells Fargo Equipment Finance Company. Call us at 1-866-726-4714 or request a contact from our equipment finance professionals. Wells Fargo & Company was ranked No. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. Customers outside of the United States can call Wells Fargo customer service toll-free from most countries using our international access codes. There are several convenient bill pay options available for your Wells Fargo Financial account. Wells Fargo’s Canadian Direct Equipment Finance’s direct origination model is expected to allow TD to better serve a more diverse set of business customers in need of competitive equipment loans, leases, and customized financing services. “[The acquisition] expands our competitive position in Canada’s Equipment Finance industry, builds on our strong track record of legendary customer service, and puts us in a unique position to offer an increased range of in-demand products and services,” David Pinsonneault, executive vice president, Commercial and Industrial, Canadian Business Banking, TD Bank Group, said in the announcement. Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Fortune 's 2020 rankings of America 's largest corporations calls, including 711 request contact... We accept all relay calls, including 711 in cloud services for your Wells Fargo customer Service from. President/Divisional customer Service Manager at Wells Fargo banking location offered through Wells Fargo account s. Of 2021, subject to regulatory approvals and certain other conditions financing transactions are provided in Canada by Fargo!, JANUARY 18, 2021 at 12:00 PM ( EST ) be made by the Bank 's.! 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