London, England-based Interactive Investor plc on Monday announced it has completed the purchase of Toronto-Dominion Bank's European discount brokerage business.
The deal, which was announced in October 2016, has
received approval from a handful of European regulators, including the U.K.'s Financial Conduct Authority (FCA).
The terms of the deal have not been disclosed.
With the closing of the transaction, TD's European direct investing business — TD Wealth Holdings (UK) Ltd. and TD Bank International S.A. (Luxembourg), collectively known as TD Direct Investing (TDDI) — will be merged with Interactive Investor. When the deal was initially announced, TD said that it intends to focus on growing its North American direct investing business.
"We are delighted that our acquisition of TDDI has received regulatory approval. The integration of our combined capabilities will create a significant and exciting market leader, serving our customers' needs across platform, price and proposition," said Richard Wilson, CEO of Interactive Investor, in a statement.