BUZZ-Charles Schwab falls as Canada's TD Bank looks to exit U.S. brokerage
Shares of U.S. brokerage firm Charles Schwab SCHW.N fall 3.3% to $80.41 premarket
Canada's TD Bank TD.TO is looking to exit its full investment in SCHW through a secondary offering, the companies say
Top shareholder TD currently holds 184.7 million shares in SCHW, or a 10.1% stake worth $15.36 billion, as of last close
Share sale comes amid TD's strategic review as the bank works through its anti-money laundering remediation program following a U.S. regulatory probe
TD plans to use C$8 billion ($5.58 billion) of the proceeds to repurchase its stock
SCHW has agreed to repurchase $1.5 billion worth of its shares from TD conditional on completion of the secondary offering
TD Securities and Goldman Sachs are the joint bookrunning managers
SCHW stock rose 7.6% in 2024
($1 = 1.4338 Canadian dollars)
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