TORONTO and NEW
YORK, Aug. 1, 2022 /CNW/ - TD Bank Group ("TD")
(TSX: TD) (NYSE: TD) announced today that it has sold
28,400,000 shares of non-voting common stock of The Charles
Schwab Corporation ("Schwab"), with 15,030,813 shares being
sold to Schwab pursuant to a repurchase agreement with pricing
determined by the price obtained in a sale of 13,369,187 shares
being sold at the same price to a broker dealer pursuant to Rule
144 of the Securities Act of 1933. In connection with such sales,
all such shares automatically convert into shares of Schwab voting
common stock the shares acquired by Schwab will no longer be
outstanding.
The shares sold represent approximately 1.5% of Schwab's issued
and outstanding common stock, reducing TD's ownership interest in
Schwab from approximately 13.4% to 12.0%.
TD's strategy with respect to its investment in Schwab has not
changed and it has no current intention to divest additional
shares.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the fifth
largest bank in North America by
assets and serves more than 26 million customers in three key
businesses operating in a number of locations in financial centres
around the globe: Canadian Retail, including TD Canada Trust, TD
Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD
Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an
investment in The Charles Schwab Corporation; and Wholesale
Banking, including TD Securities. TD also ranks among the world's
leading online financial services firms, with more than 15 million
active online and mobile customers. TD had CDN$1.8 trillion in assets on April 30, 2022. The Toronto-Dominion Bank trades
under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group