The Toronto-Dominion Bank (French: Banque Toronto-Dominion is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. Generally known as TD and operates as TD Bank Group (French: Groupe Banque TD ), the bank was created on February 1, 1955 through the merger of Bank of Toronto and The Dominion Bank, which was established in 1855 and 1869, respectively. The TD Institution Number (or bank number) is 004. They have the highest prime mortgage rate on the market, higher than most other banks in Canada.
TD Bank Group is Canada's largest bank with total assets, the second largest by market capitalization, and the top 10 banks in North America. Globally, it ranks 26th as the world's largest bank, according to Standard & amp; Poor.
The Bank and its subsidiaries have more than 85,000 employees and more than 22 million customers worldwide. In Canada, the bank operates as a TD Canada Trust and serves more than 11 million customers in more than 1,150 branches. In the United States, the company operates as TD Bank (initials are used officially for all U.S. operations). The US subsidiary was created through the merger of TD Banknorth and Commerce Bank, and served more than 6.5 million subscribers with a network of over 1,300 branches in the eastern United States.
The company is ranked 66th on the Forbes Global 2000 2015 list. In October 2008, the company was named in the list of 100 Best Canadian Entrepreneurs at Maclean and Toronto's Top Entrepreneurs by Toronto Star . Furthermore, in 2008, 2011, 2013 and 2014 were named as one of the top 10 entrepreneurs in Canada by the Financial Post .
Video Toronto-Dominion Bank
History
The origins of Toronto-Dominion Bank lie in the efforts of a group of entrepreneurs in the Western Canada Province (such as Ontario called between 1840 and 1867), engaged in the buying, grinding and marketing of grains. They are determined to create financial institutions to meet their special needs in banking, insurance and commodity exchange. The group made its first petition for the merger of Millers, Traders and Farmers of the West Canada Bank in 1854 to the Canadian provincial legislature, which rejected the request. However, on March 18, 1855, their application for a charter for the Bank of Toronto, with a base capital of  £ 500,000, was granted.
In July 1856, the Bank of Toronto opened its office at 78 Church Street, Toronto, with three staff and immediately started the development of the provincial branch network. In 1860, he opened his first branch outside Ontario, in Montreal, Quebec.
Bank of Toronto established itself as an efficient, profitable, but fundamentally conservative bank through the 19th century under the post of director Thomas Clarkson, who had helped set up a bank and the Toronto Trade Council. It maintains a very high reserve of capital and enjoys the highest share price of any bank in Canada. Growth is very slow and deliberate with several new branches opened in emerging regional centers. Core customers remain farmers, traders, and processors of agricultural products, production, and grains (including milling, brewing, refiners).
In 1871, a group of entrepreneurs and professionals under the leadership of James Austin launched Dominion Bank to join Bank of Toronto in the Ontario market. They are dedicated to creating a new institution "conducive to the general prosperity of that part of the country." Like the Bank of Toronto, Dominion Bank is a cautious institution, "choosing its customers carefully, serving them well, and should prosper with them" (in official historical words). It also created a branch network, and in 1872 became the first Canadian bank to have two branches in one city-Toronto.
With the maturing Canadian economy and the opening of northern and western Ontario in the 1880s and 1890s, banks became more aggressive in lending to the resource, utility and manufacturing industries. In 1897, Dominion Bank opened its first western branch in Winnipeg and two years later the Bank of Toronto opened a branch in the mining town of Rossland, British Columbia. In the first decade of the twentieth century, banks quickly expanded their branch network in central Canada and in the west.
To mark their rise as a significant national institution, Dominion Bank moved into a new office building on the corner of King and Yonge Streets in Toronto in 1879 and the Toronto Bank followed with other landmark headquarters on King and Bay Street in 1913.
World War I brought new challenges to both banks when they were asked to finance war spending and to support innovation of war bonds marketed to the general public. Half the staff of the two banks served in the armed forces.
Except for some contraction in the western provinces due to drought, the postwar decade is one of expansion and increased profitability due to resource development and industrial expansion. Both banks experienced a storm of depression in the 1930s without great difficulty, despite a decline in income. Like all Canadian banks, they bear criticism of their credit policy and refuse the formation of a central bank to control the money supply and advise on fiscal policy. In the end the Bank of Canada was founded in 1934 and in 1949, private banks were ordered to remove their currency from circulation.
The arrival of World War II involved banks, once again, in the marketing of war bonds and in participation in the control of foreign exchange, allotment, and other financial war measures. About 500 staff, or nearly half, entered the armed forces.
The Bank of Toronto and the Dominion Bank emerged from the war in 1945 stronger than ever, with assets more than doubling since 1939. With the post-war boom they became more active in business loans and in new market penetration. However, they quickly realized that the cost of expansion and competition with much larger rivals made their goals difficult to achieve. No bank was involved in acquisitions or mergers to grow, but both decided that a union with a bank of the same size would put them in a much stronger position to take advantage of the post-war economic opportunities.
In 1954, negotiations began between the Toronto Bank and the Dominion Bank, and by the end of the year the amalgamation agreement was reached. In their brief explanation to the Minister of Finance, the bank stated: "It's more burdensome for small banks to keep pace with our country's development than big banks, with the result that the effective growth and comparative influence of smaller banks will be possible in future decline compared to banks - big bank. "
The Canadian Finance Minister announced Nov. 1, 1954, that he would receive amalgamation and shareholders were asked for their approval. It will be held in December and on February 1, 1955, Bank of Toronto and Dominion Bank become Toronto-Dominion Bank.
The first years of the new bank are dedicated to the demands of the merging of two predecessors, institutions of similar size, but with different strengths and unique corporate culture. The new institute combines the functions of headquarters, consolidated branches, and establishes new regional organizations. The aggressive program of branch modernization and expansion extends the presence of TD in traditional markets and brings them to new territories in the Maritime provinces and on the border of natural resources. This new bank established its identity through a public relations campaign focused on customer service - "The Best in Banking Service", the bank's first slogan developed into a highly successful "People's Bank".
The competitive banking environment, and the need for effective integration of the two administrations, led the bank to reassess and modernize its practices and business methods through the second half of the 1950s. Efficient management procedures, introducing new technologies, and emphasizing human resource functions as banks place increased weight on customer service and product knowledge.
The emergence of the bank as a forward-looking institution was highlighted by the announcement in 1962 that there would be a new and very famous headquarters in downtown Toronto. The Toronto-Dominion Center, designed by Mies van der Rohe, the leading architect of the day, will include the tallest building in Canada. It will revolutionize both the Toronto skyline and the public perception of TD.
In the 1960s, banks strengthened their domestic bases and established credentials as major institutions. It is beginning to look beyond the scope of its traditional operations and to explore international and domestic, and foreign places and opportunities, for large-scale project financing. It develops a network of US representative offices, partnerships with global trading banks and venture capital operations. Touting new commitments for independent and syndicated project financing, in 1967 the bank financed a large-scale zinc-tin mining operation in Yukon, the construction of Rainbow oil pipeline in Alberta, and a resource development effort in Ireland.
The Bank offered the first bond in the history of Canadian banking on May 29, 1967. The Bank Act of 1967 ushered in a period of great change in the Canadian financial scene. For the first time, banks were allowed to impose more than six per cent interest on loans, encouraging a new emphasis on personal and specialized consumer loans. More significantly, banks can now make mortgage lending in real estate and mortgage loan portfolio quickly gained enormous significance.
At the close of the 1960s, the bank's customer base has become more diverse and new products and services are launched almost daily. Visa cards made their appearance (as Chargex) and mutual funds marketed for the first time. In addition, the options for product and service delivery are greatly expanded thanks to computer and communications technology. The "On-Line Savings" system was introduced in Toronto in 1967 and ten years later Green Machine emerged as a full-service automated teller machine (ATM) or ABM (automatic banking machine - a common term in Canadian banking), greatly improving service capability bank customers.
In 1969, the company introduced a new logo and adopted the official "green TD". In the same period, television and radio ads were used for the first time in order to promote new products.
Banks continue to move with time on other fronts as well. This encouraged women to move into management roles and appointed the first female bank manager in 1968. A decade later, more than 40% of all management trainees were women.
International operations became the bank's main focus after 1970. The company launched a new subsidiary in the United Kingdom, the United States and the Middle East. In 1970, TD became the first Canadian bank to invest heavily in commercial banking in Hong Kong and by the end of the decade, the role of TD in international lending and money market trading was supported by operations in almost every corner of the globe.
Following the success of the Toronto TD Center, the bank is active in retail financing and commercial real estate projects in Canada. It is a partner at the Toronto Eaton Center and participates in major developments such as the Pacific Center in Vancouver, Edmonton Center, TD Square in Calgary, and the TD Tower in Halifax.
The bank suffered an economic downturn in the early 1980s, showing consistent revenue increases from 1980 to 1984. By the late 1980s, the bank was caught in a debt crisis in developing countries caused by a recession and a dramatic increase in interest. tariff. Significant loan losses were reported in 1987 and, while banks participated actively in debt restructuring initiatives, it also committed to more conservative lending practices.
Despite the difficult economic conditions and the negative impact on income, the 1980s and early 1990s saw many positive developments. Deregulation began to remove barriers between the various elements of the financial sector, especially with the Bank Act of 1987. The bank moved into a discount brokerage business in 1984 with the introduction of Green Line Investor Services and less than a decade later launched in full-service broker, TD Evergreen. In 1987, the company founded Toronto Dominion Securities Inc. to provide corporate banking, treasury, and investment services to corporate clients. In 1992, the Bank acquired the assets of a major trust company, the Central Guaranty Trust and started TD Bank and Trust operations.
The 1990s saw TD respond quickly to Internet challenges and took the lead in e-banking. In 1996, the bank created its website and launched TD Access: PC, the first fully integrated PC and integrated PC package in North America. In 1998, TD introduced Web Access and within a year made e-banking services available to more international customers. In the 21st century, the bank has positioned itself as a multi-channel e-commerce company.
Also in 1998, the Toronto-Dominion Bank proposed to join the Canadian Imperial Bank of Commerce, at the same time as the Bank of Montreal proposed to join the Royal Bank of Canada. Following the examination of the two mergers by the Canadian Competition Bureau, Paul Martin, then Minister of Finance, eventually refused them.
The need to build TD into a major player in the world's financial markets has prompted the Bank to acquire Waterhouse Investor Services, Inc. in 1996 (and stroke more than twice its size as a discount broker). TD completed $ 8 billion in purchases of Canada Trust in 1999 and this merger took effect in February 2000.
Founded by a local businessman in London, Ontario in 1864 as Huron & amp; Erie Loan and Savings Company Canada Trust can trace its ancestors, through mergers, until 1855 and the establishment of the Permanent Canadian Mortgage Agency by many of the same people who founded the Bank of Toronto. It also has direct links with Toronto General Trusts, Canada's first trust company, established in 1872. These institutions play a role in providing pioneering farming communities and residents of developing cities in Canada with mortgage and other financial services.
Huron & amp; The Erie/Canada Trust established itself as a dynamic mortgage and trust company, first in Ontario, then in Canada through the late 19th and early 20th centuries. Consistently aggressive in building business and marketing services and becoming an innovator in customer service. After the merger with Canada Permanent in 1989, Canada Trust became the sixth largest financial institution in the country.
The Canadian acquisition of Trusts provides new momentum to the bank, significantly expanding the coverage and depth of branch bank coverage, and increasing TD customer service commitments. Some people wrongly refer to the new company as TD Canada Trust, although the latter only form the largest division. Toronto-Dominion Bank now operates under the Toronto-Dominion Bank Financial Group (TDBFG) brand.
With the joining of Toronto-Dominion Bank and Canada Trust, the Competition Bureau is demanding a group to sell the MasterCard or Visa business. Citibank Canada purchases business and MasterCard clients TD Canada Trust. TD started advertising his Visa card under the company brand TD Visa.
In the 1990s, TD acquired a discounted waterhouse company in the US, renaming it "TD Waterhouse." In Canada, the discount broker "Green Line" TD adopted the name TD Waterhouse.
In June 1999, TD sold 42 million shares or 12.4 percent of TD Waterhouse in an initial public offering, with a share price of C $ 35.28 or US $ 24 per share, earning US $ 1.01 billion. In 2001, with the Dot-com bubble burst and lower trading volume that lowered the stock price of Waterhouse, TD bought back the minority share at a price of US $ 9 per share for only US $ 378 million, benefiting from privatization. The acquisition is dependent on TD which owns at least 90 percent of outstanding Waterhouse common shares, and it is owned almost 89 percent when privatization is announced.
In 2003, TD held talks with E-Trade on the merger of TD Waterhouse components, but the negotiations ceased due to control problems. On August 26, 2004, the bank announced a definitive agreement to acquire a 51% interest in Banknorth Group, Inc. (now TD Banknorth), a bank in the northeastern part of the US. In 2005, TD announced an agreement to sell seventy percent of TD Waterhouse (USA) to Ameritrade; TD will retain the remaining thirty percent in newly created Ameritrade TD.
At the end of September 2009 and early October 2009, significant technical issues related to the integration of computer systems with previously purchased Bank Niaga caused chaos for many customers because funds for scheduled direct deposits are not available and account balances are reported incorrectly. The phone line of the bank is experiencing a very high call volume and its branches are filled with customers seeking information.
In April 2010, TD Bank acquired three failed banks in the United States. He acquired certain assets and liabilities from Riverside National Bank of Florida, First Federal Bank of North Florida and AmericanFirst Bank from Federal Deposit Insurance Corporation (FDIC).
Toronto-Dominion and Bank of America announced a deal on August 16, 2011, for Toronto-Dominion to acquire a $ 8.5 billion Canadian MBNA credit card business.
In June 2012, TD Canada Trust introduces a new Access Card enhanced with a new Debit/Interac Visa Access Card that will allow customers to use it via phone/online and internationally through the Visa network.
Maps Toronto-Dominion Bank
Operation
The bank headquarters are located at Toronto-Dominion Center on King Street and Bay Street in Toronto, Ontario. The black skyscraper was designed by the Ludwig Mies van der Rohe law firm and was the first among them. Opened in 1967, the TD Center was the inspiration of Al Lambert (1911-2002), former president and chairman of the board of banks.
Subsidiaries of TD Bank Group (formerly TD Bank Financial Group) include:
- Asset Management TD - institutional investment management
- TD Auto Finance - new and used vehicle financing
- TD Bank, N.A. - US private and commercial banking (joint entity of Commerce Bancorp, TD Banknorth, and TD Bank USA)
- TD Canada Trust - Canadian private and commercial banking
- TD Commercial Banking - global commercial banking
- TD Meloche Monnex Insurance - insurance products and services, including divisions specializing in Alumni/Professional group tariffs
- TD Merchant Services - a wholly owned subsidiary providing credit card processing services to merchants like retailers
- TD Securities - investment banking and capital markets
- Wealth of TD - wealth management
- MBNA Canada - co-branded and affinity card services
- Symcor - transaction processing (joint venture with Royal Bank of Canada and Bank of Montreal)
- Direct TD Investment - investment and trading
Wealth Management offers investors a range of investment products and services. Wealth Management consists of a number of business advisory, distribution, and asset management, including TD Mutual Funds.
TD Securities is the investment banking arm of TD Bank Group. It is the debt and equity insurer and strategic adviser for corporations, governments, and institutions around the world. The main business segments are fixed income trading and equity products, currencies, commodities and derivatives in major financial markets worldwide. It has offices in 18 cities around the world with over 3,000 employees. TD Securities is a leading investment dealer in North America, has a strong presence in Europe, and is active in Asia.
Partners in Outsourcing
G4S Cash Solutions
In 1992 G4S Cash Solutions, a subsidiary of British security services company G4S plc, started a pilot project with Toronto-Dominion Bank in Toronto metro which evolved into a national partnership in 1997. G4S Cash Solutions guarantees contracts for carrying cash and providing first-line maintenance of bank's automatic teller machine (ATM) - both cash outlay and deposit unit. "In 2010, G4S Cash Solutions operated 2,577 ATMs, 1,093 nightly branch deposits, 95 balanced weekly cash balances as well as eight cash dispensers for branch tellers and 100 crossed sidewalk services and held discussions on the introduction of polymer banknotes in 2011 with leading Canadian financial institutions.
iGate
Multinational company, iGate Corp. provides support services for TD Bank, as well as Pratt and Whitney Canada among other international clients.
Symcor
Toronto-Dominion Bank formed a partnership with Bank of Montreal (BMO) and Royal Bank of Canada (RBC) in 1996, to create Symcor, a private entity offering transaction services such as goods processing, report processing and cash management services to banks and companies retail and telecommunications in Canada. In 2011 Symcor generated nearly 675 million statements and more than two billion pages of customer reports, and processed three billion checks each year.
Affiliated Computer Services, a subsidiary of Xerox, acquired Symcor's US operations in October 2014.
Mergers and acquisitions
- The Toronto Bank and Dominion Bank - 1955
- Standard Chartered Bank of Canada Commercial - 1990s branch
- Central Guaranty Trust (asset and branch acquisition) - 1992
- Waterhouse Investor Services - 1996
- Toronto-Dominion Bank and the Canadian Imperial Bank of Commerce announced the merger; But Paul Martin, then Minister of Finance, said that the merger was not in the best interests of Canadians
- Newcrest Capital 2000 for $ 224 million (75% shares and 25% cash)
- Canada Trust - 2000
- Stafford Trading and Letco Trading - 2002
- The retail branch of Laurentian Bank (Ontario-BC) - 2003
- Banknorth NA - 2005
- Commerce Bancorp - 2007 (this was made TD Bank, N.A. due to naming issues)
- Riverside National Bank of Fort Pierce, Florida - 2010
- The South Financial Group Inc. - 2010 (full transition completed in June 2011)
- Chrysler Financial - April 2011
- Business credit card MBNA Canada - December 1, 2011
Corporate governance
- Bharat Masrani - President and CEO 2014-now
- John M. Thompson - 2003 non-executive chairman now
- Frank McKenna - Vice chairman of 2006-now
The current board members of the company are: William Bennett, Hugh J. Bolton, John Bragg, Amy W. Brinkley, W. Edmund Clark, Colleen Goggins, Henry Ketcham, Brian M. Levitt, Harold MacKay, Karen E. Maidment, Irene R Miller, Nadir H. Mohamed, Wilbur Prezzano, Helen Sinclair, and John Thompson.
Edmund Clark retired on October 31, 2014, and replaced by Bharat Masrani, former US President Masrani TD will transition to TD Bank Group COO in 2013 and take on role as CEO when Clark retires.
The top Toronto-Dominion Bank executives title has changed over the years. Initially he was laid out as chairman. Later, he became chief executive officer and one that often carries additional responsibilities as chairman of the board, while the second is the President. After joining the Toronto-Dominion Bank and Canada Trust, while Charles Baillie is chairman and chief executive officer of the joint entity, Clark is appointed as President and chief operating officer who established him as Baillie's last successor. After Baillie's retirement, Clark became President and CEO, as the bank decided to appoint John M. Thompson as non-executive chairman.
Presiden terdahulu:
- A. C. Ashforth, 1955-1960
- Allen T. Lambert, 1960-1972
- Richard M. Thomson, 1972-1978
- Allan J. Boyle, 1978-1981
- Robert W. Korthals, 1981-1995
- A. Charles Baillie, 1995-2000
- W. Edmund Clark, 2000-2014
Ketua Past
- Byron S. Vanstone, 1955-1956
- A. C. Ashforth, 1956-1961
- Allen T. Lambert, 1961-1978
- Richard M. Thomson, 1978-1998
- A. Charles Baillie, 1998-2003
The previous top executive:
- Herbert S. White, Chief Executive (1960s-1970s)
- Allen T. Lambert (1960-1972), Chairman and President
- Richard M. Thomson (1972-1978), Chairman and CEO
- Robert W. Korthals (???? - 1995)
- A. Charles Baillie (1995-2002), Chairman and CEO
- W. Edmund Clark, President and COO (2000-2002)
Membership
TDBFG is a member of the Canadian Bankers Association (CBA) and a registered member with Canada Deposit Insurance Corporation (CDIC), a Canadian Government agency that insures deposits at all Canadian charter banks. It is also a member of:
- Interac
- NYCE ATM network
- Plus Networks for VISA cards
- VISA International
- Canadian Investor Protection Fund
Sponsors
The Toronto-Dominion Bank and its subsidiaries have naming rights to the following places:
- TD Ameritrade Park Omaha in Omaha, Nebraska, United States
- TD Arena in Charleston, South Carolina, United States
- TD Bank Art Center in Gloucester County, New Jersey, United States
- Ballpark TD Bank in Bridgewater, New Jersey, United States
- TD Bank Sports Center in Hamden, Connecticut, United States
- TD Park in Boston, Massachusetts, United States
- TD Place Arena in Ottawa, Ontario, Canada
- TD Place Stadium in Ottawa, Ontario, Canada
- TD Stadium in London, Ontario, Canada
Credit agent ratings
After Moody's Investor Service reduced the creditworthiness of Royal Bank of Canada to Aa1 on December 13, 2010, TD is the only Big Five Canadian bank with a top AaA credit rating (when CIBC is Aa2, Scotiabank Aa1 and Bank of Montreal are Aa2). It also ranks number 1 in the Top 1000 list of 2012.
Controversy
News outlets report bank policy on ordinary Canadian-Canadian citizens, July 10, 2012. About one hundred private bank accounts have been closed to this date, citing the recently ambiguous Special Economic Rules of the Canadian government. A family in Vancouver is forced to refinance a $ 250,000 home mortgage in 60 days to avoid foreclosure.
The TD Bank document became the focus of 2012 defamation hearing in the Miami federal court. In a civil lawsuit against TD Bank, the jury found the bank responsible for the alleged fraud scam Ponzi schren Scott Rothstein for $ 1.4 billion.
In 2015, the Canadian news website Halifax Examiner reports that the political action committee (PAC) established by TD Bank has donated more than $ 50,000 to the campaign of anti-LGBT rights politicians in the United States. The article suggests that this is problematic because of the TD Bank's status as a sponsor of 41 LGBT Pride events across North America; TD Bank did not comment. In response to this article, on October 6, 2015, a movement was taken to the Halifax Pride Annual General Meeting to disconnect the TD Bank if it did not respond satisfactorily to the matter; the movement was finally defeated.
On March 10, 2017, the Canadian Broadcasting Corporation (CBC) news report Go Public reported that TD Bank employees have acknowledged that, under pressure to achieve sales targets, they have increased customer credit lines, overdraft amounts, and Visa credit limits without advising those who violate the law. A TD financial adviser said he "invested client deposits into unsuitable funds, due to SR [sales revenue] pressures". Another claimed to downplay the risks of the product said: "I was forced to lie to customers, just to meet sales revenue targets." In an internal letter to employees, Andy Pilkington, executive vice president of banking branches, writes: "We do not believe the [CBC] story is an accurate depiction of our culture," but the report provides an opportunity "to pause, reflect and ask ourselves ourselves... how can we do better for our people and our customers. "Bank shares lost 5.55% of their value on March 10, down $ 3.88 (Cdn) per share to close at $ 66.00 (Cdn).
Branch location
In January 2014, TD operates the sixth largest branch network in North America with 1,100 TD Canada Trust offices and 1,300 TD Bank (US) offices. Although the network extends across Canada and the Atlantic coast of the U.S., Canadian and US component subscribers can not perform a full range of transactions in other component branches. This allows an expanded transaction range for customers who register their account for Cross-Border Banking program.
TD operates 2,800 ATMs in Canada and 1,900 in the US for a total of 4,700, and allows customers from one component to withdraw funds in the US or Canada without Network Plus or Presto! transaction surcharge.
Canada
- All provinces
- Northwest Region
- Yukon
United States
References
Bibliography
- Schull, Joseph, <100 years of banking in Canada: the history of the Toronto Bank-Dominion is illustrated by Brad Smith. Vancouver: Copp Clark, c1958. ix, 222 p.: pain.; 24 cm.
External links
- Official website
- TD stock profile and quotes
- TD NYSE Stock Quote
- TD TSX Stock Quote
- Toronto-Dominion Bank's performance chart of GStock
- General
- Yahoo! - Company Profile Toronto-Dominion Bank
Source of the article : Wikipedia
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