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TD Bank sells a large stake in Charles Schwab to meet regulatory requirements, worth about $15.4 billion.
TD Bank plans to sell its 10.1% stake in Charles Schwab, totaling 184.7 million shares worth about $15.4 billion, to comply with U.S. regulatory restrictions and asset caps.
Schwab will repurchase $1.5 billion of its shares.
Proceeds will be used for TD's stock buyback and business investments.
This move follows TD's efforts to rectify anti-money laundering issues and restructure its balance sheet.
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TD Bank vende una gran participación en Charles Schwab para cumplir con los requisitos reglamentarios, por un valor de alrededor de $15.4 billones.