TORONTO, Nov. 29, 2018 /CNW/ - TD Bank Group (TD) (TSX:
TD) announced today that, subject to the approval of the Office of
the Superintendent of Financial Institutions Canada (OSFI) and the
Toronto Stock Exchange (TSX), it intends to amend its existing
normal course issuer bid to increase the number of common shares
that it may repurchase for cancellation from 20 million common
shares to 40 million common shares. This represents
approximately 2.2% of the common shares currently issued and
outstanding. To date, TD has completed the purchase for
cancellation of 20 million common shares since the commencement of
its normal course issuer bid. On October 31,
2018, there were 1,830,396,240 common shares issued and
outstanding.
TD's current normal course issuer bid commenced on April 24, 2018 and continues until April 12, 2019. Repurchases will continue
to be made through the facilities of the TSX as well as through
other designated exchanges and alternative trading systems in
Canada in accordance with
applicable regulatory requirements. The price paid for such
repurchased shares will be the market price of such shares at the
time of acquisition or such other price as may be permitted by the
TSX. All repurchased shares will be cancelled.
As at October 31, 2018, the Bank's
Common Equity Tier 1, Tier 1 and Total Capital ratios were 12.0%,
13.7% and 16.2%, respectively.
Caution Regarding Forward-Looking Statements
From time to time, the Bank (as defined in this document) makes
written and/or oral forward-looking statements, including in this
document, in other filings with Canadian regulators or the United States (U.S.) Securities and
Exchange Commission (SEC), and in other communications. In
addition, representatives of the Bank may make forward-looking
statements orally to analysts, investors, the media, and others.
All such statements are made pursuant to the "safe harbour"
provisions of, and are intended to be forward-looking statements
under, applicable Canadian and U.S. securities legislation,
including the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements include, but are not limited to,
statements made in this document, the Management's Discussion and
Analysis ("2018 MD&A") in the Bank's 2018 Annual Report under
the heading "Economic Summary and Outlook", for the Canadian
Retail, U.S. Retail and Wholesale Banking segments under headings
"Business Outlook and Focus for 2019", and for the Corporate
segment, "Focus for 2019", and in other statements regarding the
Bank's objectives and priorities for 2019 and beyond and strategies
to achieve them, the regulatory environment in which the Bank
operates, and the Bank's anticipated financial performance.
Forward-looking statements are typically identified by words such
as "will", "would", "should", "believe", "expect", "anticipate",
"intend", "estimate", "plan", "goal", "target", "may", and
"could".
By their very nature, these forward-looking statements require
the Bank to make assumptions and are subject to inherent risks and
uncertainties, general and specific. Especially in light of the
uncertainty related to the physical, financial, economic,
political, and regulatory environments, such risks and
uncertainties – many of which are beyond the Bank's control and the
effects of which can be difficult to predict – may cause actual
results to differ materially from the expectations expressed in the
forward-looking statements. Risk factors that could cause,
individually or in the aggregate, such differences include: credit,
market (including equity, commodity, foreign exchange, interest
rate, and credit spreads), liquidity, operational (including
technology and infrastructure), reputational, insurance, strategic,
regulatory, legal, environmental, capital adequacy, and other
risks. Examples of such risk factors include the general business
and economic conditions in the regions in which the Bank operates;
the ability of the Bank to execute on long-term and shorter-term
strategic priorities, including the successful completion of
acquisitions and strategic plans; the ability of the Bank to
attract, develop, and retain key executives; disruptions in or
attacks (including cyber-attacks) on the Bank's information
technology, internet, network access, or other voice or data
communications systems or services; the evolution of various types
of fraud or other criminal behaviour to which the Bank is exposed;
the failure of third parties to comply with their obligations to
the Bank or its affiliates, including relating to the care and
control of information; the impact of new and changes to, or
application of, current laws and regulations, including without
limitation tax laws, capital guidelines and liquidity regulatory
guidance and the bank recapitalization "bail-in" regime; exposure
related to significant litigation and regulatory matters; increased
competition from incumbents and non-traditional competitors,
including Fintech and big technology competitors; changes to the
Bank's credit ratings; changes in currency and interest rates
(including the possibility of negative interest rates); increased
funding costs and market volatility due to market illiquidity and
competition for funding; critical accounting estimates and changes
to accounting standards, policies, and methods used by the Bank;
existing and potential international debt crises; and the
occurrence of natural and unnatural catastrophic events and claims
resulting from such events. The Bank cautions that the preceding
list is not exhaustive of all possible risk factors and other
factors could also adversely affect the Bank's results. For more
detailed information, please refer to the "Risk Factors and
Management" section of the 2018 MD&A, as may be updated in
subsequently filed quarterly reports to shareholders and news
releases (as applicable) related to any events or transactions
discussed under the headings "Significant and Subsequent Events,
and Pending Acquisitions" in the relevant MD&A, which
applicable releases may be found on www.td.com. All such factors
should be considered carefully, as well as other uncertainties and
potential events, and the inherent uncertainty of forward-looking
statements, when making decisions with respect to the Bank and the
Bank cautions readers not to place undue reliance on the Bank's
forward-looking statements.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2018
MD&A under the headings "Economic Summary and Outlook", for the
Canadian Retail, U.S. Retail, and Wholesale Banking segments,
"Business Outlook and Focus for 2019", and for the Corporate
segment, "Focus for 2019", each as may be updated in subsequently
filed quarterly reports to shareholders.
Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities, and anticipated financial performance as
at and for the periods ended on the dates presented, and may not be
appropriate for other purposes. The Bank does not undertake to
update any forward-looking statements, whether written or oral,
that may be made from time to time by or on its behalf, except as
required under applicable securities legislation.
About TD Bank Group
The Toronto-Dominion Bank and its
subsidiaries are collectively known as TD Bank Group ("TD" or the
"Bank"). TD is the sixth largest bank in North America by branches and serves more than
25 million customers in three key businesses operating in a number
of locations in financial centres around the globe: Canadian
Retail, including TD Canada Trust, TD Auto Finance Canada, TD
Wealth (Canada), TD Direct
Investing, and TD Insurance; U.S. Retail, including TD Bank,
America's Most Convenient Bank®, TD Auto Finance U.S.,
TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale
Banking, including TD Securities. TD also ranks among the world's
leading online financial services firms, with more than 12 million
active online and mobile customers. TD had $1.3 trillion in assets on October 31, 2018. The Toronto-Dominion Bank
trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group