The Canadians are coming!
Armed with a healthy banking system and a more stable banking system, the country affectionately known as “America’s hat” is ready to feast on our carcases.
WSJ reports that Canadian banks are looking for opportunities to buy distressed US institutions, and that TD Bank is likely to team up with Goldman Sachs (GS) to acquired troubled Florida lender Bank United.
The Federal Deposit Insurance Corp.’s auction of BankUnited ends Tuesday. A TD Bank spokesman declined to comment on the company’s interest. But it is no surprise that Canada’s second-largest bank by assets is sniffing around for potential acquisitions in the U.S.
“It certainly would fit into their overall strategy of generating core, long-term deposits through their branches,” said Derek Ferber, an analyst with SNL Financial LC, a Charlottesville, Va., research firm.