Charles Schwab Corporation (NYSE: SCHW) is a leading investment services firm with $4.5 trillion in client assets. The two firms combined had a total of $6.1 trillion of client assets in August. TD Bank is selling its 43% interest in TD Ameritrade to Schwab and acquiring 9.9% of Schwab’s voting common and parts of  3.7% non-voting common shares in the transaction.

Schwab President and CEO Walt Bettinger said, “We are very pleased with the Federal Reserve’s actions, which allow us to finalize our planned acquisition of TD Ameritrade. We are now focused on taking the last steps needed to close the transaction so that we can begin the important work of becoming one company and realizing the full potential of this combination on behalf of our clients. “For clients of the two firms, it is business as usual for now. The integration of TD Ameritrade into Schwab is expected to take 18 to 36 months to complete following the close of the transaction. Until then, Schwab and TD Ameritrade will continue to operate as separate broker-dealers, and clients of the two firms can continue to do business with their respective companies as they do today and can expect the same level of great service. More information will be made available to Schwab and TD Ameritrade clients once the transaction closes. Source: Charles Schwab