National Bank completes acquisition of TD's Institutional Services Business

Torys acted as counsel to National Bank of Canada with a team that included Sharon Geraghty, Michael Pickersgill, Jackie Taitz, Dean Kotwal, Chris Webb, Matthew Murphy and Will Hooper (corporate/M&A), John Unger and Saira Bhojani (tax), Ed Fan and Ebad Rahman (technology), Omar Wakil, Jay Holsten and Arezou Farivar (competition), Wilfred Estey and John Cameron (research), Lynne Lacoursière and Tom Stevenson (employment), Andy Gibbons and Sarah Crowe (real estate) and Christine Vogelesang (securities regulatory).

On November 12, 2013, after receipt of all required regulatory approvals, National Bank of Canada (National Bank) announced the completion of its acquisition of TD's institutional services business known as TD Waterhouse Institutional Services (TDWIS), for a purchase price of C$250 million.

TD Waterhouse Institutional Services is a leader in the provision of back-office solutions, including custody, trading, clearing, settlement and record keeping, for independent Canadian based registered portfolio managers and introducing brokers.

National Bank of Canada, headquartered in Montreal, is one of Canada's largest financial institutions, with C$187 billion in assets as of July 31, 2013.

Further information can be found on National Bank's website.