Privately held diversified financial services and wealth management firm, Reliance Financial Corporation, has closed its agreement to acquire 100% of the stock of Citigroup Trust, Delaware, a subsidiary of Citibank.
The move merges Citigroup Trust-Delaware into Reliance Trust Company of Delaware and opening five new office locations across the US.
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Michael Roberts, executive vice president of Reliance Trust and president of Reliance Trust Company of Delaware, said, "Our five new locations are open for business today and we are thrilled to have all 30 of the Citi employees join Reliance and continue to service these clients."
The transaction consisted of approximately 2,500 accounts and U$1.5 billion in assets under administration and aims to position Reliance as a premier national provider in the advisor-based fiduciary services market.
"This acquisition allows us to continue our focus on the institutional marketplace and will strengthen our competitive position as a leading national trustee," added James T. Maxwell, chairman, CEO and president of Reliance Financial Corporation. "It also increases our market share and reflects Reliance’s standing as a leading provider of advisor-based fiduciary services in the Delaware market and nationally."
Anthony Guthrie a founding partner of Reliance Financial Corporation, said, "Our personal trust delivery platform is built to provide our clients with a high level of personalised service and we look forward to rolling out our platform to our new clients."
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