01:13 PM EST, 02/10/2025 (MT Newswires) -- Canada's Toronto-Dominion Bank ( MLWIQXX ) announced plans on Monday to sell its 10.1% stake in Charles Schwab ( SCHW ) as part of a strategic review that followed a money laundering penalty in the US last year.

TD will sell its entire holding of 184.7 million shares of Charles Schwab's ( SCHW ) common stock. That's worth $15.36 billion based on the US financial services firm's closing price as of Friday, according to MT Newswires' calculations.

TD's New York Stock Exchange-listed shares climbed 3.6% intraday, while Schwab's fell 3%.

"As part of our strategic review, we have been evaluating capital allocation and have made the decision to exit our Schwab investment," TD Bank Group Chief Executive Raymond Chun said in a statement. "We are very pleased with the strong return we are generating on the Schwab shares we acquired in 2020."

In October, TD Bank agreed to pay more than $3 billion in fines to US regulators after pleading guilty to charges that it violated anti-money laundering laws. In December, TD suspended certain of its medium-term targets and announced a strategic review.

Schwab separately said Monday that it entered into a share repurchase agreement to buy back $1.5 billion of its nonvoting common stock from TD. The buyback transaction -- being made under Schwab's existing repurchase program -- will leave $7.2 billion in remaining authorization.

TD's Chun said that the lender plans to use C$8 billion ($5.59 billion) of the Schwab stock sale's proceeds to repurchase its own shares and reinvest in the business.

Price: 59.83, Change: +1.87, Percent Change: +3.23