Banknorth Group able to make deals of up to $15 billion, CEO says
Banknorth Group Inc., soon to be 51% owned by TD Bank, will have enough capital to make acquisitions worth up to $15 billion, says CEO William Ryan.
Ryan, speaking Thursday on a conference call with investors, said the Portland, Me.-based lender has typically spent $1 billion to $3 billion on acquisitions. Banknorth shareholders will vote on the TD takeover next month. TD agreed in August to buy a 51% stake in Banknorth.
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