TD and Canada Trust In 2000, TD acquired Canada Trust. The acquisition at the time I 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 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.) SOURCES. ID. Historical Fast Facts, butps://www.d.con about-tablg/corporate information nas-story historical fast facts is accessed September 2, 2018 Noble. I dete J. Hunter and II. Hiwieka, 10 Bios for Canada Trust. 2 https://www.thecamada encyclopedia ca un attend has for canada trus August 11, 2018 M Nelson, "TD, Canada Trust Finish Merger of Seta Branches The Ghore and August 2001. tps://www.theglobeandmail.com report on business/td-canada trust finish merger oftail branches article 451090arcessed August 12, B D Oven, "Behind the Son of Canada Turt's Cultural Edutian Forrial Post November 20, 2012, https.business i posle tutte behind the veneroli canada tra cultural evolution ceud kugust 12 2018 Martin Why to Bank Is iting Me A Customer Air Ben Huffington Post, March 17 2014 httpwww.huffingtonpost.zalaid martituite-bank-sales-tacties 15411962. Nu accessed September, NON 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 help line was established. Even so, TD was pleased with the merger roll-out as it had very few or signifi- cant logistical issues. Actuiding to the first CEO of the new organization, there were clear complementarities between ID 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 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