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Canada's TD Bank to Purchase Chrysler Financial

Purchase price is $6.3 billion

Toronto-Dominion Bank is to purchase Chrysler Financial Corp for $6.3 billion, the Canadian company announced on Dec. 21.

"The acquisition will give TD all of Chrysler Financial's processes and technology as well as its existing portfolio of retail assets on both sides of the border," TD Bank said.

"Following this transaction, the business -- combined with TD's current platforms in Canada and the United States -- will be positioned as a top 5 bank-owned auto lender in North America."

Copyright Agence France-Presse, 2010

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