** Shares of U.S. brokerage firm Charles Schwab SCHW.N fall 3.3% to $80.41 premarket
** Canada's TD Bank TD.TO is looking to exit its full investment in SCHW through a secondary offering, the companies say
** Top shareholder TD currently holds 184.7 million shares in SCHW, or a 10.1% stake worth $15.36 billion, as of last close
** Share sale comes amid TD's strategic review as the bank works through its anti-money laundering remediation program following a U.S. regulatory probe
** TD plans to use C$8 billion ($5.58 billion) of the proceeds to repurchase its stock
** SCHW has agreed to repurchase $1.5 billion worth of its shares from TD conditional on completion of the secondary offering
** TD Securities and Goldman Sachs are the joint bookrunning managers
** SCHW stock rose 7.6% in 2024
($1 = 1.4338 Canadian dollars)
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))
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