TD sells home improvement financing assets

Thu Sep 15, 2016 9:12am EDT
 
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TORONTO, Sept 15 (Reuters) - Toronto Dominion Bank has sold home improvement financing assets to financial technology company Financeit and Concentra, a provider of services to credit unions, the buyers said on Thursday.

While the size of the deal was not announced, Financeit and Concentra said TD's assets had a book value of about C$339 million ($257 million).

Under the terms of the deal, Concentra bought about 45,000 TD loans, and more than 800 merchant dealers were assigned to Financeit.

Founded in 2011, Financeit is a free-to-use platform that helps businesses offer financing options to their customers from any device. It operates in the home improvement, vehicle and retail industries.

Concentra says its services reach more than 80 percent of credit unions in Canada.

Earlier this week, TD said it planned to acquire Albert Fried & Co, a New York-based broker-dealer, to expand its presence in the U.S. prime brokerage sector.

($1 = 1.3169 Canadian dollars) (Reporting by John Tilak; Editing by Lisa Von Ahn)