TD Bank Group, based in Toronto, announced the completion of the acquisition of the New York multinational investment bank Cowen Inc.
Source: Pixabay.com
This transaction was implemented as part of the Canadian banking services operator’s strategy to expand its investment business. Information about the acquisition of Cowen was announced in August 2022. At the same time, it was announced that the value of the transaction would be $ 1.3 billion.
Cowen’s investment banking services and additional products will become part of TD Securities’ portfolio of opportunities. Some of the leading specialists of the American bank, including Jeffrey Solomon, chairman, and chief executive Officer of Cowen, will join the senior management of TD Securities.
President and CEO of TD Bank Group Bharat Masrani said that the expansion of the ownership structure will allow for more active development and improve the quality of customer service. Last year, after the first announcement of the deal, which was still being planned at that time, he named Cowen as a leading independent dealer with a leading equity business in the United States and a strong diversified investment bank.
Bharat Masrani also said that the acquisition of the New York bank will allow his company to accelerate the implementation of strategic growth plans in the USA. Separately, he noted that the emergence of new resources will allow them to carry out activities in key business areas more efficiently.
A press release issued on the occasion of the completion of the transaction states that the acquisition advances TD Securities’ long-term growth strategy in the United States and adds highly complementary products and services to the existing business. Cowen offers a global research franchise and adds new opportunities in the US equity field, including a powerful sales, trading, and execution platform.
TD Bank Group was founded in 1855. In the Forbes rating of 2008, the bank took 86th place on the list of the 2,000 largest companies in the world. As of 2009, TD Bank Group serviced 19 million accounts of individuals worldwide. In 2010, the total value of the bank’s assets was $619.5 billion.
Cowen was founded in 1918 as a bond trading house. As it developed, the company launched a research and institutional sales business. Over time, Cowen launched an investment banking business. Then the company opened offices in London, Paris, Geneva, and Tokyo.
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