Latest banking news

TD Bank Group has received regulatory approval to complete one of its two pending acquisitions. The Toronto company announced Friday that it has secured all of the necessary approvals to purchase the U.S. brokerage Cowen, and it expects the acquisition to close on March 1. The $1.3 billion cash deal, which was announced in August, includes an established U.S. equity sales and trading platform and a global research platform, two capabilities that TD has long coveted, executives said in August. TD continues to wait for a regulatory thumbs-up on the acquisition of First Horizon Corp. in Memphis, Tennessee. Earlier this month, the two banks extended the deal's targeted closing date by three months to May 27. —Allissa Kline

Western Union and fintech Beforepay have partnered to allow consumers to borrow before sending funds across borders. Called Send Now/Pay Later, consumers can borrow up to $1,300 through Beforepay's early-wage access platform and Western Union's international network. The advance can then be paid to Beforepay in installments, similar to a buy now/pay later loan. The credit is subject to a 5% fee. Send Now/Pay Later is available in more than 200 countries and territories. The firms hope to boost the size of transfers, which average about $300. In a release, Western Union cited internal research in Australia that found 44% of consumers would like to have an installment option when transferring funds across borders. —John Adams