Toronto-Dominion Bank has spent too long telling investors it has no plans to drop $12-billion or more to buy Citizens Financial Group Inc. to turn around now and do it.
Citizens owner Royal Bank of Scotland (which is controlled by the British government) is said to be looking to sell. Plan A had been to float shares of Citizens, RBS’s U.S. unit. But now there’s talk of TD making a play – the second time in a year that the Canadian bank’s name has come up. It makes sense given TD’s longstanding expansion in the U.S., but the logic gets thinner after that.