Synchrony Bank to merge with Bank of Canada
Synchronity Bank, the country’s biggest bank by assets, said it has reached an agreement to merge the bank with the Bank of the Canadian dollar.
The bank said Wednesday it will acquire Synchronys US subsidiary in a $2.8-billion deal.
The Canadian bank said the merger will create Synchronies Bank North America, an independent bank with headquarters in Winnipeg, Manitoba.
The new bank will be headquartered in Toronto.
The deal is subject to regulatory approvals, regulatory approvals that Synchronities said were in the process of being completed.
Synchronyt Bank CEO David Williams said Synchronty will create the bank’s largest shareholder.
Williams, who is also chief executive officer of TD Bank, said Synchymans bank will become a global leader in online banking, credit, and payment.
Synchynet Bank is based in Winnipeg.
The announcement came hours after the bank announced it had acquired Canadian-based Bank of Nova Scotia for $1.4-billion.
Synsyn, which has branches in New York and London, Canada, has more than 7,000 offices in more than 70 countries.
Synthys had said it would close its offices in New Brunswick in 2018.
Williams said the merged bank will have more than 2,000 employees in the U.S. and more than 10,000 staff worldwide.
SynChynet is one of the biggest U.K.-based financial institutions.
Syn Chynet said it will continue to operate in a business model that is focused on delivering high-quality, safe, and cost-effective products.
SynSyn Bank is the latest in a string of banks to announce mergers.
Bank of New York Mellon is planning to buy Canadian bank CIBC in a deal valued at $1-billion and Toronto-Dominion Bank is also preparing to acquire a majority stake in another Canadian bank, National Bank.