TOKYO (Reuters) - Toronto Dominion Bank (TD.TO), Canada’s biggest bank by assets, is setting up a fixed-income sales desk in Tokyo, re-entering the Japanese market after six years, a spokeswoman said. The move highlights the competitive pressures Canadian investment banks are facing from international rivals, which has pushed some to expand their overseas activities.
“We can’t afford not to be in Japan, in Tokyo,” TD Securities chairman and CEO Robert Dorrance told a reception marking Thursday’s opening of the Tokyo office.
John Moore, the bank’s executive managing director for global fixed income, told Reuters the return to Japan reflected Toronto Dominion’s growth as a North American bank, exemplified by its recently becoming a primary dealer of Federal Reserve securities.
The move entails moving a number “in the teens” of Japan-focused employees to Tokyo from Singapore, he said.
Canadian rival RBC (RY.TO) also has a presence in Japan, but it does not break out the number of people in its capital markets division there.
TD said last month it was expanding its operations in Ireland to strengthen its European business.
Reporting by William Mallard in Tokyo and John Tilak in Toronto. Editing by Jane Merriman