TD Close to Buying Chrysler Financial: Report

After a long shopping period, TD is close to purchasing Chrysler Financial.
By Maria Woehr ,

NEW YORK (

TheStreet

) --

Toronto-Dominion Bank

(TD) - Get Report

is close purchasing

Chrysler Financial

for about $6 to $7 billion, according to

Bloomberg.

Chrysler Financial is owned by private equity firm

Cerberus Capital Management

. According to the report, Cerberus would keep $1 billion of Chrysler Financial's assets. Cerberus purchased the assets in 2007 as part of the firm's push into the auto industry.

Toronto-Dominion has been expanding over the past year through the acquisitions of

South Financial Group

and several

Federal Deposit Insurance Corp.

-assisted transactions.

Jim McTevia of McTevia & Associates told

TheStreet

in an interview earlier this month that many large banks are looking to get into auto lending at the moment.

Separately, Gerard Cassidy, a

RBC Capital Markets

analyst

suggested that several banks

including

PNC

(PNC) - Get Report

,

Wells Fargo

(WFC) - Get Report

and

US Bancorp

(USB) - Get Report

could also looking at acquiring in the auto sector to diversify assets.

--Written by Maria Woehr in New York.

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Maria Woehr

.

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