UPDATE 1-Toronto-Dominion Bank explores takeover of brokerage Cowen - Bloomberg News

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July 1 (Reuters) - Canada's Toronto-Dominion Bank is exploring a takeover deal for U.S. brokerage Cowen, Bloomberg News reported on Friday, citing people familiar with the matter. (

TD and Cowen did not immediately respond to Reuters requests for comment.

Cowen’s shares, which have lost more than a third of their value so far this year, rose nearly 18% in extended trading.

Cash-rich Canadian lenders have looked to expand in the United States in recent months to tap the growth potential of the market away from their largely saturated home turf.

Earlier this year, TD agreed to buy U.S. lender First Horizon Corp for $13.4 billion in its largest deal to expand its footprint in the southeastern region of the country.

Reporting by Manya Saini in Bengaluru; Editing by Aditya Soni