Toronto-Dominion Bank, popularly referred to as TD, is a Canada-based bank that operates as TD Bank Groups and has its presence in North America. The bank is the largest in Canada by asset and second-largest by market capitalization. TD Bank Group is also one of the ten largest banks in North America and the world’s 26th largest bank. The bank was established in February 1955 following the merger of two Canadian banks; the Dominion Bank and the Bank of Toronto founded in 1869 and 1855 respectively. TD Bank Group is headquartered in Toronto, Ontario, and operates as TD Canada Trust in Canada. The bank serves about 11 million customers in Canada and another 11 million across the globe.
History Of The Bank
The Bank of Toronto was established in 1855 by millers and grain dealers while The Dominion Bank was created in 1869 by a group of professionals and entrepreneurs under the leadership of James Austin. In 1954, the two financial institutions agreed to merge and the merger was accepted by the Minister of Finance in November 1954 and made official on February 1, 1955. The new financial institution was named Toronto-Dominion Bank.
Establishing The Headquarters
Following the merger between the two banks to form the TD Bank, the bank directors sought to demonstrate the emergence of the bank as a reputable national institution. One of the ways of achieving this was to have a new headquarters. The then-president and chairman of the board secured a partnership with the Fairview Corporation (Cadillac Fairview). The partnership was based on equal relationship, with the bank having the final say on the design of the complex. The construction of the Toronto-Dominion Center started in 1964 and the first to be completed was TD Bank Tower in 1967 but the complex was completed in 1969. The complex is located in downtown Toronto and serves as the global headquarters of The Toronto-Dominion Bank. It also provides offices for several other businesses. With approximately 21,000 people working there, the complex is Canada’s largest commercial complex.
The TD Bank has operations in North America with its segments including the Canadian retail, corporate banking, wholesale banking, and US retail. The Canadian retail segment offers a wide range of financial services to its clients in Canada. The US retail segments consist of commercial and retail banking operations and wealth management services under the TD Bank in the US. The wholesale banking offers a wide range of investment banking, capital markets, and corporate banking services. The corporate segment offers centralized advice to bank businesses.
Other Activities Of The Bank
TD Bank sponsors several sporting events and venues across Canada and the US. It holds naming rights to several indoor arenas including TD Place Arena in Ottawa, TD Stadium in New Brunswick, and TD Garden in Boston. The bank also sponsors the 41 LGBT Pride events across the continent.
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