TD Bank’s US$13.4 billion takeover of US regional bank First Horizon collapsed over regulators’ concerns about the Canadian lender’s anti-money laundering (AML) practices, according to the Wall Street Journal (WSJ).

On May 4 2023, TD Bank informed First Horizon that it did not have a timetable for regulatory approvals to be obtained for reasons unrelated to the US bank. Because there was uncertainty as to when and if these regulatory approvals can be obtained, the parties mutually agreed to terminate the merger agreement.

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