Headquartered in Toronto Canada, TDB is the largest bank of Canada in terms of market capitalization.
The bank was established in 1955 by merger of two major banks Bank of Toronto and the Dominion Bank.It serves around 22 million clients world wide which is highest for any bank in Canada. Its history traces back to formation of two banks Bank of toronto in 1855 and Bank of Commerce in 1869. These banks were established by union of millers who wanted a financial institution for commodity exchange. Currently it has major operations in Canada and the US providing banking services ranging from investment banking, wealth management to car loans and personal loans. Canada is famous for its big 5 banks and TD is one of them.
Since inception it has followed a very conservative approach of growth by maintaining high reserve ratio. Major acquisition of Waterhouse services in 1996 made TD an eminent player in the banking industry especially investment banking. In the US TD operates through a subsidiary model although it uses the same bank name TD Bank across both countries. Its US operations were strengthen by merger with commerce bank and currently have over 1300 branches and serving over 6 million customers in US itself. TD bank also proposed a potential merger with CIBC ranked 6th in this list but the merger was rejected by Canada's finance minister citing job cuts. This has made the canadian banking industry extremely competitive with future consolidation expected to happen. Its CEO is Bharat Mansari who is of Indian origin.