TORONTO, May 23, 2013 /PRNewswire/ - TD Bank Group (TD) (TSX: TD) announced
today that, subject to the approval of the Office of the Superintendent
of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange
(TSX), it intends to launch a normal course issuer bid through the
facilities of the TSX as well as through other designated exchanges and
published markets in Canada to repurchase up to 12 million of its
common shares, representing approximately 1.3% of the common shares
currently issued and outstanding. On May 21, 2013, there were
923,873,168 common shares issued and outstanding. TD will file a
notice of intention with the TSX in this regard.
TD may commence purchases after the TSX has accepted the notice of
intention. TD anticipates being in a position to repurchase shares
under the bid by mid to late June 2013, continuing for up to one year.
The number of shares and timing of the repurchases under this bid will
be determined by TD. TD intends to establish an automatic share
purchase plan under which its broker, TD Securities, would repurchase
TD shares pursuant to the normal course issuer bid within a defined set
of criteria which TD would not vary or suspend. All of these
repurchases will be made through the facilities of the TSX as well as
through other designated exchanges and published markets in Canada in
accordance with applicable regulatory requirements. The price paid for
any repurchased shares will be the market price of such shares at the
time of acquisition. All repurchased shares will be cancelled.
As at April 30, 2013, the Bank's Common Equity Tier 1, Tier 1 and Total
Capital ratios were 8.76%, 10.79% and 13.99% respectively. TD made the
decision to launch the bid in light of its demonstrated ability to
generate capital and has now allocated roughly $1 billion in capital
for share repurchases under the bid.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as
TD Bank Group (TD). TD is the sixth largest bank in North America by
branches and serves approximately 22 million customers in four key
businesses operating in a number of locations in key financial centres
around the globe: Canadian Personal and Commercial Banking, including
TD Canada Trust and TD Auto Finance Canada; Wealth and Insurance,
including TD Wealth, TD Direct Investing, an investment in TD
Ameritrade, and TD Insurance; U.S. Personal and Commercial Banking,
including TD Bank, America's Most Convenient Bank, and TD Auto Finance
U.S.; and Wholesale Banking, including TD Securities. TD also ranks
among the world's leading online financial services firms, with
approximately 8 million active online and mobile customers. TD had
CDN$826 billion in assets on April 30, 2013. The Toronto-Dominion Bank
trades under the symbol "TD" on the Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group