Toronto-Dominion Bank, which owns 45% of TD Ameritrade, signaled aversion to a TD Ameritrade-E-Trade acquisition deal.
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"We're extremely risk-averse in buying assets in the U.S.," said Mike Pedersen, group head of wealth management, insurance and corporate shared services at TD Bank Group, at Wednesday's CIBC Institutional Investor Conference when asked about the bank's stand on a potential tie-up between TD Ameritrade Holdings Corp. and E-Trade Financial Corp.
E-Trade, currently under pressure by its largest shareholder, Citadel LLC, to be sold, has suffered heavy mortgage-related losses. TD Ameritrade has been seen as a potential buyer for the beleaguered company because of similarity in business models.
