Cerberus nears sale of Chrysler

Toronto-Dominion Bank is close to an agreement to buy Chrysler Financial from US private equity firm Cerberus Capital Management for $6.3bn (£4.1bn), it was reported last night.

Cerberus, which is led by co-founder Stephen Feinberg, would retain about $1bn in assets as part of the deal, the Wall Street Journal said.

TD spokesman Wojtek Dabrowski said the bank does not comment on market rumours or speculation.
Toronto-Dominion is Canada’s second-largest bank, and it owns just under half of online broker TD Ameritrade.