case study

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TD and Canada Trust culture; it had no business banking presence to speak of, and its sales culture (as is usual with service organizations) was probably a little less strong. He also noted that selecting the best people from both organizations to create new teams was very challenging. It is interesting to note that increas- ingly the name Canada Trust is not part of the TD's official name.) SOURCING 2013 I des Mond det Mere Read Bundes thelb 10012 In 2000, TD acquired Canada Trust. The acquisition at the time was the largest change management initiative that Canada had ever experienced. The TD bank was established in 1869 and had gone through various changes long before the acquisition of Canada Trust At the time of the acquisition, Canada Trust customers were concerned that their trust company would lose its personalized retail focus. The number of bank branches and the size of the workforce would be reduced by the acquisition. The takeover would make TD the third largest bank in Canada, known as TD Canada Trust. The change was rolled out across the country and the best ele ments from each company were implemented. The changes for the Canada Trust customers were more significant than those for TD customers so a helpline was established. Even so, TD was pleased with the merger roll-out as it had very few or signifi cant logistical issues According to the first CEO of the new organization, there were clear complementarities between TD and Canada Trust as each had what the other did not. Tim Hockey noted, "The complementary element was that TD had a strong commer cial banking presence and sales culture but its service culture wasn't as strong. Canada Trust had a very strong service Postad 1411 ME Apply Your Understanding 1. What are the change management challenges in such a large change? 2. What would be the customers concerns about the merger? 3. Why is it so hard to blend organizational cultures