Canada's Toronto-Dominion Bank said it would offload its 10.1% stake in U.S. financial services firm Charles Schwab , as part of a strategic review undertaken following a landmark U.S. fine.

Toronto-Dominion Bank will exit its investment in Charles Schwab, the Canadian bank’s first big move under new CEO Raymond Chun to shore up its business following a costly money-laundering scandal.

The bank will use proceeds of the sale for share buybacks and growth investments TD Bank is selling its entire stake in US financial services firm Charles Schwab as part of a strategic review undertaken following a landmark US fine for money laundering.

About three weeks ago, we heard stirrings that Toronto-Dominion Bank (TSE:TD) had an eye toward getting out from under its stake in Charles

The Canadian bank plans to exit its 10.1% interest in the brokerage firm, allowing it to shore up capital and strategically shrink to adhere to penalties related to its historic compliance failures.

TD Bank Group is gearing up for Canadian expansion efforts as it cashes in $20 billion worth of stock in The Charles Schwab Corp.

TD Bank (TSX:TD) announced its decision to sell its entire equity investment in Charles Schwab (NYSE:SCHW) as part of a review following the landmark U.S. fine ・TD currently holds 184,678,738 shares of Schwab’s common stock,