Canadian Banks on the prowl for a US bargain bank like WaMu

Canadian banks may be able to delve deep into their pockets and seize the opportunity to buy a list of US banks, Washington Mutual Inc being one of them.

As rumours that Washington Mutual (WaMu) wouldn’t be able to find a buyer immersed yesterday the banks share price took a sudden nose dive, Seattle-based WaMu put itself up for sale last week, one of the potential buyers named yesterday by the US news reports said that Toronto-Dominion Bank could be potential buyer.

It’s likely that once the US bank valuations have been demoted to the bargain basement there will be a lot of window shopping from the Canadian banks looking for a bargain and we assume that would include Toronto-Dominion Bank.

This could be a great chance for the Canadian banks to buy cheaply a string of US retail banking franchises.

Read the full article in the globeandmail