
TD Close to Buying Chrysler Financial: Report
NEW YORK (
) --
Toronto-Dominion Bank
(TD) - Get Report
is close purchasing
Chrysler Financial
for about $6 to $7 billion, according to
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.
To contact the writer of this article, click here:
Maria Woehr
.
To follow the writer on Twitter, go to
.
To submit a news tip, send an email to:
.









