The Toronto-Dominion Bank completed the previously announced acquisition of Wells Fargo's Canadian Direct Equipment Finance business.

The transaction adds scale and capabilities to TD's existing Canadian Equipment Financing business and expands TD's presence in core markets.

"This acquisition enhances our position and competitiveness in Canada's Equipment Finance industry and will allow us to better serve a more diverse set of business customers who require customized financing services and leasing solutions," said Darren Cooke, President, TD Equipment Finance, Canadian Business Banking, TD Bank Group. "Our combined teams will bring seasoned expertise in equipment leasing and finance to deliver the strong value of tailored financing and leasing options to customers across Canada."

Equipment Finance Advisor reported the planned acquisition on Jan. 15.

Headquartered in Mississauga, with regional offices across the country, including Montreal and Calgary, Wells Fargo's Canadian Direct Equipment Finance business has a 25-year operating history, which includes the acquisition by Wells Fargo of GE Capital's Canadian Equipment Finance business in 2016.

With approximately $1.18 billion in assets and over 120 employees, Wells Fargo's Canadian Direct Equipment Finance business provides loans and leases covering a full range of commercial equipment for businesses across Canada.