Canada’s Toronto-Dominion Bank is working on a deal that would see it acquire Chrysler Financial Corp., Bloomberg News reports.
News on the deal, which the news agency reports comes from three people with knowledge of the matter, would see TD pay between $6 billion and $7 billion for the lending arm.
Chrysler Financial is currently owned by Cerberus Capital Management LP.
Toronto-Dominion, Canada’s second-largest bank, has spent more than CAN$20 billion growing its U.S. operations over the past six years.
When asked by the news agency about the story, CFO Colleen Johnston declined to comment on Chrysler Financial.
“Our current interest is more in more modest-sized deals that will perhaps give us some distribution or give us asset- generation capabilities,” she said, in response to a question about the auto-finance firm. “We are not looking at anything on a significant scale at the moment.”
- With files from Bloomberg News