TORONTO, Dec 20 (Reuters) - Toronto-Dominion Bank is close to an agreement to buy Chrysler Financial from private equity firm Cerberus Capital Management for $6.3 billion, the Wall Street Journal reported on Monday.
Cerberus, which is led by co-founder Stephen Feinberg, would retain about $1 billion in assets as part of the deal, the paper said.
TD spokesman Wojtek Dabrowski said the bank does not comment on market rumors and speculation.
Toronto-Dominion is Canada's second-largest bank. Its U.S. operations include the TD Bank network, and it owns just under half of online broker TD Ameritrade.
Chrysler Financial, the former lending arm of the automaker, had its operations reduced as part of a U.S. government-sponsored restructuring of Chrysler and General Motors last year.
Cerberus bought Chrysler in 2007 but lost control of the automaker during its restructuring. It held on to the financing company.
Ally Financial Inc, the auto and mortgage lender formerly known as GMAC, took over some of the unit's operations in connection with the restructuring.
(Reporting by Cameron French; Editing by Frank McGurty) Keywords: CHRYSLERFINANCIAL TDBANK (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Cerberus, which is led by co-founder Stephen Feinberg, would retain about $1 billion in assets as part of the deal, the paper said.
TD spokesman Wojtek Dabrowski said the bank does not comment on market rumors and speculation.
Toronto-Dominion is Canada's second-largest bank. Its U.S. operations include the TD Bank network, and it owns just under half of online broker TD Ameritrade.
Chrysler Financial, the former lending arm of the automaker, had its operations reduced as part of a U.S. government-sponsored restructuring of Chrysler and General Motors last year.
Cerberus bought Chrysler in 2007 but lost control of the automaker during its restructuring. It held on to the financing company.
Ally Financial Inc, the auto and mortgage lender formerly known as GMAC, took over some of the unit's operations in connection with the restructuring.
(Reporting by Cameron French; Editing by Frank McGurty) Keywords: CHRYSLERFINANCIAL TDBANK (cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.