TD Bank cuts prime rate to 4.75 pct

TORONTO, April 22 (Reuters) - Toronto-Dominion Bank (TD.TO) said on Tuesday it will cut its prime lending rate to 4.75 percent from 5.25 percent, beginning April 23.

The 50 basis point cut follows a Bank of Canada announcement earlier on Tuesday to lower its key overnight rate by 50 basis points to 3.00 percent.

The prime rate is the rate charged by banks on loans to their best customers. (Reporting by Renato Andrade; editing by Rob Wilson)