Banking

TPG will gain a $55 billion billion credit business to compete against rivals, such as Blackstone Inc. and Apollo, which are now major providers of financing to corporations.

Only Credit Suisse businesses tagged for disposal will be eligible for the approximately $10 billion of loss guarantees that the Swiss government is offering.

The move is a reversal of TD’s push into the U.S., at a time when the nation’s regional banks are being roiled by deposit outflows and investor caution.

Recent turmoil has raised questions, but innovation will lead to deal activity.