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Article Excerpt
Acquisition would expand bank's indirect auto lending
TORONTO, Feb. 16 /PRNewswire-FirstCall/ -- TD Bank Financial Group (TDBFG) and VFC Inc. (VFC) today announced they have entered into an agreement under which TDBFG will offer to acquire VFC, a leading provider of automotive purchase financing and consumer installment loans.
"This acquisition is a logical extension of our existing business as a leader in dealer-based automobile financing and an opportunity for us to increase our range of product offerings in response to what dealers and their customers have said they want," said Tim Hockey, group head, personal banking, TDBFG and co-chair, TD Canada Trust. "VFC and its outstanding management team have a demonstrated track record as leaders in what we see as an underserved, growing market."
"We believe the potential synergies of the two organizations, particularly with regard to referrals and distribution, will assist our growth strategy," said Charles Stewart, president and chief executive officer of VFC. "Additionally, we believe this agreement represents an attractive value proposition for our shareholders. We are excited about the new opportunities this presents."
VFC, with offices in Toronto, Montreal and Nanaimo, has more than 220 employees servicing a portfolio of CDN$380 million in finance receivables, representing more than...
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