FinTech Payments

TD Bank Creates New Commercial Bank From Combined Services

January 31, 2021 at 11:39PM

TD Bank is unifying its teams for commercial, corporate and specialty banking to forge TD Commercial Bank, a new entity, according to a press release.

This will help in offering new levels of growth, a better client and colleague experience, and more streamlined procedures, the release stated.

The corporate and specialty banking teams include divisions for Asset Based Lending, Equipment Finance, Institutional Healthcare and Higher Education, Commercial Real Estate and Global Trade Finance. All of those will be joining TD Bank’s Commercial organization, according to the release.

Previously, TD Bank’s Commercial division handled middle-market, community and small business lending, along with deposits, treasury management and point-of-sale (POS) solutions, the release stated.

The commercial bank already had experience in restaurant franchises, nonprofits, medical and dental practices and U.S. Small Business Administration (SBA) lending, according to the release. Now, it will also include the other markets that have been merged.

“Our Commercial Bank and Corporate and Specialty Banking teams have repeatedly demonstrated that they can deliver strong results together in any economic cycle,” said Greg Braca, president and CEO of TD Bank. “To continue their track record of success, we have merged these teams to build on their combined strengths and position them for long-term growth. Ultimately, it will help TD scale its core businesses and build the Commercial Bank of the future.”

PYMNTS conducted a survey on what people think constitutes a bank, and the consensus came down to three factors: a place to store money; a means to save money; and a simple way to access it all. Barry Baird, head of Payments Capability and Delivery at TD Bank, told Karen Webster in an interview that the primary issue is that customers want their banks to be an answer to every need they might have.

PYMNTS also found that almost two-thirds of respondents expressed an interest in nontraditional finance players like tech companies. But only around 7.4 percent have actually begun using one as their primary institution.

TD Bank Creates New Commercial Bank From Combined Services …

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