Citigroup announced today that it has obtained the necessary regulatory approvals related to its acquisition of the U.S. Capital Markets business of TD Waterhouse and that the transaction is complete.
Terms of this transaction were not publicly disclosed.
This transaction is consistent with our business strategy to become an aggregator of order flow and will bring new broker-dealer client relationships to our equities franchise. It will also increase our ability to provide liquidity to clients, and create an opportunity for the distressed equities product group to become a more substantial participant in the marketplace.
"This is an important step in the ongoing effort to grow our equities business and expand our trading platform which will ultimately result in greater execution flexibility for our clients," said Jim O'Donnell, Head of U.S. Equities within Citigroup Corporate and Investment Banking.