Canada's National Bank to buy TD unit for C$250 mln

Thu Aug 1, 2013 11:16am EDT
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TORONTO Aug 1 (Reuters) - National Bank of Canada, Canada's sixth-largest bank, said on Thursday it will buy the institutional services business of larger rival Toronto-Dominion Bank for C$250 million ($242.05 million).

The business, known as TD Waterhouse institutional services, provides custody, trading, clearing and settlement for independent portfolio managers and brokers.

Montreal-based National said the acquisition should boost its earnings per share by 12 Canadian cents and 14 Canadian cents in 2014 and 2015, respectively, and should reduce its Basel III common equity Tier 1 ratio by about 40 basis points.