TD Bank Group to sell remaining 10.1 per cent stake in Charles Schwab

TORONTO — TD Bank Group says it plans to sell its 10.1 per cent 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.

This report by The Canadian Press was first published Feb. 10, 2025.

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The Canadian Press