(Bloomberg) -- Toronto-Dominion Bank, the Canadian bank that’s been expanding through acquisitions, is weighing a deal for the brokerage firm Cowen Inc., according to people familiar with the matter. 

The Toronto-based lender is working with advisers to study a possible transaction for Cowen, said the people, who asked not to be identified because the matter isn’t public. No final decision has been made and Toronto-Dominion could opt against pursuing a deal, the people said 

Cowen’s shares have declined by about a third this year, valuing the New York-based firm at about $667 million. 

Representatives for Toronto-Dominion and Cowen couldn’t be immediately reached for comment. 

A transaction would extend the reach of Toronto-Dominion’s investment banking arm, TD Securities, deeper into equity and debt offerings as well as research. Toronto-Dominion, one of Canada’s biggest lenders, has been aggressively looking to grow via acquisitions, agreeing to buy First Horizon Corp. in February for about $13.4 billion.

That deal was Toronto-Dominion’s largest takeover ever and Chief Executive Officer Bharat Masrani’s boldest move since taking the reins in 2014. Masrani has been saying for over a year that the lender would consider putting its extra capital to work in a significant US deal if the right opportunity came along.

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