Toronto-Dominion Bank Sells Schwab Shares for $79.25 Each
In a recent announcement, Toronto-Dominion Bank (TD) disclosed plans to sell a significant number of its shares in Charles Schwab Corporation (SCHW). The bank intends to sell approximately 165.4 million shares at a price of $79.25 per share, resulting in a total sale value of over $13.1 billion. The transaction is expected to be completed on or around March 22, 2023.
This move by TD aligns with its strategy to optimize its portfolio and focus on core banking operations. The sale of Schwab shares will allow the bank to enhance its financial flexibility and rebalance its capital allocation. It is also intended to enable TD to further invest in its core banking businesses and pursue strategic opportunities.
Charles Schwab is a renowned financial services firm with a substantial presence in the United States. The sale of shares by TD does not indicate any change in the bank's view of Schwab's business or its long-term prospects.