24 September 2003 12:00am

Toronto Dominion appear to have reclaimed most of their accumulated losses on the TD Waterhouse stockbroking operation in Australia, judging by the terms of Commonwealth Bank's acquisition of the TDW business back in May.

CBA's annual report, published yesterday, shows that the bank paid $27 million for the TD Waterhouse. The annual report states that the TDW business at the time comprised negative liabilities of $3 million according to CBA and so resulting in goodwill on the acquisition of $30 million.

The financial report for TD Waterhouse Investor Services for the...