2023年5月5日

德里克Decloet,彭博新闻2023年5月5日,美国东部时间3分钟56点读Galit 15 /摄影师:Galit 15 / Bloomb(彭博社)——巴拉特Masrani等七年多引起轰动和多伦多道明银行的美国大型地区性银行收购。在几个月内,土崩瓦解。加拿大的第二大银行退出了第一层Corp .价值134亿美元的交易,说这是不确定是否能得到监管机构对这宗交易的批准。是多伦多道明银行最大的收购,增加超过400个分支机构在美国东南部填写网络已经延伸下来的大部分的东部沿海地区。地区性银行一直在多伦多道明银行的主要发展战略以来近二十年前任首席执行官Ed Clark达成协议控制Banknorth Group Inc .)其他收购之后,去年和多伦多道明银行的美国零售银行集团贡献了56亿加元(42亿美元)的收入,其利润总额的32%左右。但是第一个地平线事务的崩溃将使Masrani更难,自2014年以来的首席执行官,建造。周四银行的联合声明中明确表示,监管问题无关的第一层。“我认为他们会追求有机增长,”约翰·艾肯巴克莱集团(Barclays Plc)的分析师在一次电话采访中说。“从我们的角度来看,这将是TD很难说服潜在的卖家,他们能够穿过终点线了。”The First Horizon deal has looked shaky since early March, when the Memphis-based lender disclosed that Toronto-Dominion had said it didn't believe it could get regulators to sign off by a May 27 deadline. "I cannot speculate on when we will receive approval," Masrani said on a March 2 conference call with analysts to discuss quarterly results, saying at the time that Toronto-Dominion was "fully committed to the transaction" with First Horizon. The Canadian bank has given investors little information about the regulatory issues. "While we cannot address all of the false rumors and speculation in the market, we want to be clear that this is not in any way related to TD's good-faith dealings with our customers," Lisa Hodgins, a spokesperson for the bank, said by email on Thursday. TD and First Horizon had started talks on an extension to the deal deadline. Questioned by shareholders last month at Toronto-Dominion's annual meeting, Masrani repeatedly declined to provide more details. But it had become obvious that investors were not enthusiastic about the deal — at least not at $13.4 billion — given the turmoil in the sector and the sharp selloff in U.S. regional-bank stocks. Toronto-Dominion rose as much as 2.4% in Toronto on Thursday. The shares are down nearly 7% this year, the worst performance among Canada's six largest lenders, having been weighed down by concerns surrounding the purchase. "We do not believe most investors were supportive of the transaction," Gabriel Dechaine, an analyst at National Bank of Canada, said in a note to clients Thursday. "One could envisage TD going on an opportunistic shopping spree in a U.S. regional banking market that is flush with (cheap) targets. However, if the regulator wasn't ready to approve FHN, it seems unlikely to us they would approve another transaction, especially in the near term." That leaves Masrani and Toronto-Dominion's board with the question of what to do with the capital the bank has been hoarding in anticipation of landing First Horizon. Toronto-Dominion's Common Equity Tier 1 capital ratio was 15.5% as of Jan. 31, far in excess of the amount Canadian banks typically hold. Heading into a possible recession, "more capital is always a good thing — full stop," Aiken said. "The problem is that, once we come out of this, the question becomes, 'What is TD going to do with this?'" The Canadian market, already consolidated around six major financial institutions, isn't rich with takeover targets. Share buybacks may be part of the answer, Aiken said, but Canadian banks haven't been historically that aggressive in repurchasing shares. Paul Gulberg, an analyst with Bloomberg Intelligence, said it's possible Toronto-Dominion will find a way to make U.S. retail banking deals. "They are still a strong partner," Gulberg said. "And if they offer to save a bank, offering U.S. government the best deal in terms of protecting depositors, maybe it's not fully off the table." Derek Decloet, Bloomberg News This has been a difficult year for the industry with government takeovers of three regional institutions, which rank among the 10 biggest failures in U.S. history. Here is a look at what went wrong at those three banks and the seven others on this infamous list.