U.S. Bank to merge with Liberty Bank
In a joint announcement, Liberty Bank and U.K.-based TD Bank Online have announced plans to merge their financial services businesses, merging the world’s largest two banking systems.
Liberty Bank Online will be the only U.B. and TD Bank subsidiary in the U.N. market, and will offer banking services through TD Bank.
Liberty will be able to provide more than $1 trillion in financial services to more than 130 countries and territories through TD, including for countries that do not have banks or financial institutions.
TD will continue to provide banking services to the UB Group, including U.U.B., U.C.
B, and UCCB.
TD Bank will continue as the primary clearing house for U.
Liberty, a U.L.M. partner, will continue in the consumer and investment banking businesses.
TD is the third U.T. partner in TD Bank online, following in the footsteps of U.O.
B and UCDB.
“TD Bank Online has been a pioneer in the financial services sector for over a decade,” said David Smith, chairman and CEO of Liberty Bank Group.
“The merger with TD Bank is a natural fit for both organizations, as the combined businesses will provide consumers with the highest levels of convenience, ease of use and enhanced transaction experience.”
“We are delighted to be working with TD, and look forward to sharing more details about our plans for the future,” said Paul Dutton, head of business development and innovation at Liberty Bank.
“We expect to open a global banking presence in 2020, with our new subsidiary TD Bank and our existing branch offices in London, Dublin, Frankfurt and Singapore.”
The companies said they are excited to work with the UG-backed TD Group, which will also serve as the UU-backed partner in the Liberty Bank-TD Bank merger.
The transaction was first announced in November 2016 and was announced in March 2017.
The companies’ new banking operations are expected to have a combined annual revenue of more than US$5 trillion by the end of 2019, according to the deal.
The U.P.S., UCD and UCO groups are not part of the transaction.
“Today’s announcement represents another step towards bringing U. Bank Online to market, as we aim to provide our customers with enhanced customer service and greater value,” said Mark Johnson, vice president and general manager of TD Bank in the United Kingdom.
“As the leading bank for global financial services, we will continue our efforts to expand our customer base to meet their needs and make them more confident in the digital payments experience.”
TD Bank has more than a billion customers around the world, and TD is based in London.
TD also operates U.A.C., UB, UCD, UCC, UCO and UGB branches, with more than 4,000 employees worldwide.