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Gold/Mining/Energy : TD - Toronto Dominion Bank -- Ignore unavailable to you. Want to Upgrade?

To: M CAHILL who wrote (17)	4/17/1998 2:39:00 PM
From: Pete Mimmack	Read Replies (2) \| Respond to of 358

I believe this explains the volume: Canadian banks in $15.8B merger TORONTO - Canadian Imperial Bank of Commerce is buying Toronto Dominion Bank for $15.8 billion in the second merger between Canada's top six banks this year. The deal brings together Canada's second and fifth biggest banks and makes CIBC slightly smaller than the $28 billion combination of Royal Bank and Bank of Montreal announced in January. The latest merger, following the BankAmerica-Nationsbank and Travelers-Citicorp deals in the United States, shows bank executives are convinced massive size is needed to compete worldwide. The merged bank would be called CIBC and have combined assets of $241 billion, 2,350 branches and 69,000 employees. ''We believe that this deal will make us better able to compete, not only with domestic competitors but also with powerful competitors from all over the world,'' Toronto Dominion Chairman and CEO A. Charles Baillie. Baillie will be chief executive of the combined bank and CIBC Chairman and CEO Al Flood will be chairman. The merger is subject to regulatory and shareholder approval and will add pressure on the Canadian government to break its policy against big bank marriages. In response to reports of another impending merger proposal, Finance Minister Paul Martin repeated Thursday that the government won't consider such deals until a full review of the industry is complete - perhaps by the end of the year. ''The government and the Canadian people are going to form policy, and the government is going to make sure that takes place,'' Martin told the Globe and Mail. The banks sought to ease fears of job losses, saying that eventually there will be more jobs at the new organization. By The Associated Press