Asset-based lending includes products such as secured revolving credit lines or term loans that are calculated on the current value of a borrower’s assets, such as accounts receivable, equipment or inventory.
Paul Douglas, Executive Vice President, Business Banking, TD Canada Trust said: “This business is a good fit with our existing commercial banking business and an opportunity for us to increase our range of product offerings in response to an increasing need for specialized financial solutions for today’s commercial clients. It’s also a great opportunity to leverage TD Banknorth’s expertise in this area along with ABN’s experienced and respected Asset Based Lending management team.”
Keith Hughes, Senior Vice President and Business Head, ABN AMRO Asset Based Lending, said: “This is great news for our clients and employees. We’re excited to be joining TD Bank Financial Group, one of the world’s most respected financial institutions with a leading commercial banking business, an expansive branch network, and a highly successful Asset Based Lending business at TD Banknorth in the US.
