TD Bank Group to sell remaining 10.1% stake in Charles Schwab

TD Bank Group says it plans to sell its 10.1% stake in the Charles Schwab Corp.

Under the plan, TD is selling 184.7 million shares in the company.

Schwab shares closed at US$83.18 on the New York Stock Exchange on Friday, making the TD stake worth about US$15.4 billion.

TD says Schwab has agreed to repurchase US$1.5 billion of the shares.

The Canadian bank says it will continue to have a business relationship with Schwab through an insured deposit account agreement.

TD Bank chief executive Raymond Chun says the bank plans to use C$8 billion of the proceeds to repurchase its shares and plans to invest the balance of the proceeds in its businesses.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.