As reported by CNN Money, “Canada's Toronto Dominion Bank (Stock Quote: TD) and Royal Bank of Canada (Stock Quote: RY) have both in recent months publicly expressed their interest in expanding their U.S. footprint sometime soon.”
And Brit bank Barclays (Stock Quote: BCS), which snapped up the “North American assets of Lehman Brothers,” may be looking to beef up its Yankee presence with the acquisition of an American retail bank or two as well. The British can be serious shoppers (ever been to Harrods on a weekend?), so this is worth following.
According to the CNN Money piece, foreign financial institutions see America as “fertile ground for future growth.” We’re hurting still, so we can be bought cheap—but if we bounce back, the new foreign owners will profit greatly.
Despite the fact that buying up troubled U.S. banks sounds good on paper, in reality it isn’t exactly a feeding frenzy… yet. No deals have been wrapped up so far in 2010, and “only” $1.6 billion in transactions were reportedly rung up last year.
Come on, foreign banks. Your window of opportunity won’t last forever.
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