TD provides few answers on First Horizon deal amid U.S. banking fears
Group’s US$13.4 billion takeover of First Horizon Corp. were left with few answers at the bank’s annual meeting Thursday.
Facing numerous questions about the deal after U.S. banking turmoil has pushed down the value of Tennessee-based First Horizon, chief executive Bharat Masrani stuck to a statement that they are in negotiations about a potential extension of the deal past the May 27 deadline. It’s the same message he gave in a March earnings call when the bank disclosed that they don’t expect to secure regulatory approval of the deal by the deadline, without providing details on what might be causing the delay.Since then, the collapse of Silicon Valley Bank and Signature Bank have put pressure on the U.S. banking sector and led to calls from some for TD to walk away from the deal that it first announced in February, 2022.
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