iStock/Roman Tiraspolsky
The Canadian Press
TD Bank Group says it plans to sell its 10.1% stake in the Charles Schwab Corp.
Under the plan, TD is selling 184.7 million shares in the company.
Schwab shares closed at US$83.18 on the New York Stock Exchange on Friday, making the TD stake worth about US$15.4 billion.
TD says Schwab has agreed to repurchase US$1.5 billion of the shares.
The Canadian bank says it will continue to have a business relationship with Schwab through an insured deposit account agreement.
TD Bank chief executive Raymond Chun says the bank plans to use C$8 billion of the proceeds to repurchase its shares and plans to invest the balance of the proceeds in its businesses.