Waterhouse Investor Services, the discount brokerage subsidiary of Toronto-Dominion Bank, plans to announce a bid today to enter the U.S. retail banking market.

In a mailing set to go out next week, Waterhouse will invite 40,000 of its brokerage customers in the Northeast to do their banking with a newly formed electronic institution, Waterhouse National Bank, said David Livingston, a senior vice president at Canada's Toronto Dominion.

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