TD Bank in the Northeastern USA (including New York)

[lordmandeep]

Yeah however due the recession I believe RBC and TD Canada Trust are one of top ten banks in North America now in terms of size.

 

[ShonTron]

Yeah however due the recession I believe RBC and TD Canada Trust are one of top ten banks in North America now in terms of size.

Go to Mexico (outside the tourist resort beaches) and you'd be very surprised how prominent Scotiabank is. It's one of the largest players in the Latin American field, but skipped the US market. Scotia is huge.

 

[CityPlaceN1]

I love going to Mexico and not being charged a service charge fee for taking money out from a Scotiabank.

 

[hkskyline]

Really depends what strategy they want to pursue. If retail, they will never get big. The US market is so fragmented it will take many billions to build to a fraction of the Citibank and Bank Americas out there. I doubt they can really stretch seemlessly across the US either.

If they go for more profitable stuff, such as Investment Banking, the US franchise will likely set up a HQ in New York and head the global operation once it becomes more sizeable, while the rest will stay in Toronto. Then Toronto will be 'hollowed out' of the most profitable piece of the pie.

 

[Blues]

Exactly. It's an attempt by a small regional bank (which it is in the U.S.) to convey its size and permanence without suggesting to sensitive American ears that it is foreign (and it sounds better than "we're one of the big banks up in Canada"). Similarly, HSBC hardly sells itself as British here in North America.

Of course there is a risk that as Canadian banks expand in the U.S., some of the decision-making and head office jobs will flow southward. I doubt it will happen -- they are a huge institution here, but a small fish down south.

I don't think the American crowd (me being one of them) is concern that it is foreigned. In fact, being a Canadian bank, with it's regulations and better-management, could work its advantage. Obama and the rest the world has been beating the drum of how Canada does it's banking/lending system right. Americans are pissed off at the Citibanks and Bank of Americas. The "too big to fail" questions are being thrown to wall.

I've always been curious. Do the US/foreign branches of a Canadian bank follow the regulations/lending requirements of it's home country?

I don't get the comparsion of Bank of Montreal re-locating to Toronto. Wasn't the main reason they moved was due to the ongoing political discusson of Quebec breaking away from Canada?

 

[Blues]

I'm sure they are more interested in buying close to the existing branches in the northeast. The same way Royal was adding more to their network in the southeast.

M&T Bank here in Buffalo (a banking company that is among the U.S. 20 largest banking companies in terms of holdings, with more than 700 branches that the Mid-Atlantic region; and is a better-positioned bank in comparsion)?

Would make for a nice U.S. headquarters with close proximity to Toronto.

First Niagara Bank is becoming a Mid-Atlantic power as well, picking up new pieces to it's network in Pennsylvania.

 

[deerparker]

I've always been curious. Do the US/foreign branches of a Canadian bank follow the regulations/lending requirements of it's home country?

Yes, Canadian banks operating subsidiaries in the US are subject to local regulatory requirements. I don't think there is a risk of a wholesale flight of head offices to the US because the Bank Act requires Canadan banks to have a head office presence here to maintain tier one status.

 

[Art Vandelay]

Why leave Canada?

Remember Tim Horton's is coming home because of lower corporate income taxes and the belief that this will be a long term trend. Hopefully it will be just the beginning of a trend that will spread to other industries.

 

[lordmandeep]

I doubt TD would abandon Canada because its doing so well here... It can easily stay here and expand in the US all it wants.


They are very popular with a lot of people due to their opening times and that they have more then one teller working at their locations!! Plus they really dominate when it comes to the number of ATM's and Branches.

 

[Redroom Studios]

familiar TD door handles seen on Bowery near Hester, Chinatown, NYC

I really like TD"s strategy of expansion in the US northeast and it feels really good to see a familiar name while travelling in this area... sure they are still a small (regional) player as far as the US component goes, but if you view them as they suggest a North American bank then they are very significant and can only get bigger. Go TD!

 

[adma]

Even better if they go Euro and Asian as well. And who knows, just like HSBC they might wind up adorning modern monuments of architecture along the way...

 

[CityPlaceN1]

I like those door handles.

 

[Long Island Mike]

Toronto Dominion Bank on Long Island...

Everyone: As I have mentioned previously TD Bank has branches here on LI
but the reason I decided to chime in is because I spotted a medium-size bus
here in Suffolk County with a two-tone green TD "wrap" ad today in an area where "wrapped" buses are few and far between. Interesting...LI MIKE

 

[Blues]

Remember Tim Horton's is coming home because of lower corporate income taxes and the belief that this will be a long term trend. Hopefully it will be just the beginning of a trend that will spread to other industries.

Canada, as long as they can balance the books, employment laws/regulations, tax levels, and continue to pump out an educated workforce, is looking strong.

Hasn't Tim Horton's always been a Canadian company?

 

[Blues]

Even better if they go Euro and Asian as well. And who knows, just like HSBC they might wind up adorning modern monuments of architecture along the way...

Do any of the major banks in Canada have any real presence in outside of North America?

If they can grow and maintain a strong balance sheet, it will have a reap huge economic/business benefits not just to Canada, but to Toronto.