TD Aims for Growth at US Banking Unit Despite Asset Cap (1)

The head of Toronto-Dominion Bank’s US franchise said he sees opportunity for growth even as the lender remains constrained by a cap on its American retail-banking assets.

“We find ourselves in a moment where we are doing a tremendous amount of soul searching and looking at our infrastructure,” Leo Salom said Wednesday at a conference in Toronto hosted by Bank of Nova Scotia. “But we build off some real significant strengths.”

The Canadian bank’s US division has been under orders not to expand for almost a year since pleading guilty in a sweeping anti-money-laundering probe. Its assets are ...