(Bloomberg) – The Toronto-Dominion Bank, the Canadian bank that has grown through acquisitions, is considering a deal for brokerage firm Cowen Inc., according to people familiar with the matter.

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(Bloomberg) – The Toronto-Dominion Bank, the Canadian bank that has grown through acquisitions, is considering a deal for brokerage firm Cowen Inc., according to people familiar with the matter.

Content of the article

The Toronto-based lender is working with advisers to explore a possible transaction for Cowen, said the people, who asked not to be identified because the matter is not public. No final decision has been made and Toronto-Dominion may choose not to enter into a deal, the people said.

Shares of Cowen are down about a third this year, valuing the New York-based company at around $667 million.

Representatives for Toronto-Dominion and Cowen could not immediately be reached for comment.

A transaction would extend the reach of Toronto-Dominion’s investment banking arm, TD Securities, deeper into equity and debt offerings as well as research. Toronto-Dominion, one of Canada’s largest lenders, is actively seeking to expand through acquisitions, agreeing to buy First Horizon Corp. in February for about $13.4 billion.

The deal was Toronto-Dominion’s biggest takeover ever and CEO Bharat Masrani’s boldest move since he took the helm in 2014. A good opportunity presented itself.