ATLANTA, Jan. 23, 2013 /PRNewswire/ -- Reliance Financial Corporation, a privately held diversified financial services and wealth management company, announced a definitive agreement to acquire 100 percent of the stock of Citigroup Trust-Delaware, N.A. (sub of Citibank, N.A.) and to merge Citigroup Trust-Delaware, N. A., into Reliance Trust Company of Delaware.
This transaction, consisting of approximately 3,000 accounts and $1.7 billion in assets under administration, represents non-target-market business for Citi Private Bank's trust business and is consistent with Citi's strategy to reduce non-core assets. Subject to appropriate regulatory approvals, the transaction is expected to close late first quarter 2013.
"We are pleased to have reached this agreement with Reliance Trust Company which will enable them to take over the management of this portion of our business in North America. Citi Trust in North America remains focused on providing its full suite of trust and estate services to the high net worth and ultra high net worth clients of Citi Private Bank through our Delaware, New York and South Dakota centers," said Paul James, chief executive of Citi Private Bank's trust business.
"This transaction will enable Reliance Trust Company of Delaware to increase its size, scale and overall nationwide footprint in the personal trust business," said Michael Roberts, executive vice president of Reliance Trust and president of Reliance Trust Company of Delaware.
"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."
"Through our personal trust services delivery platform, we are committed to providing our new customers with the same high level of quality services our current Reliance trust clients have come to expect," said Anthony Guthrie a founding partner of Reliance Financial Corporation. "The Reliance team will work with the Citi team to ensure a seamless transition for their clients."
About Citi Private Bank
Citi Private Bank advises the world's wealthiest, most influential individuals and families and has relationships with a third of all billionaires. Citi Private Bank offers clients products and services across our global network, covering capital markets, managed investments, portfolio management, trust and estate planning, investment finance, and banking in addition to art, aircraft and sports advisory and finance.
About Reliance Financial Corporation
Reliance Financial Corporation is a privately held, Atlanta-based, diversified financial services and wealth management company with more than $113 billion in assets under management and administration. Reliance conducts business throughout the United States through its trust companies, Reliance Trust Company based in Georgia (one of the largest independent trust companies in the country) and Reliance Trust Company of Delaware, and its other subsidiaries and affiliated offices.
Reliance Trust Company of Delaware offers trust services that preserve the advisor/client relationship allowing advisors to continue to manage the client relationship. Reliance offers a full array of trust and wealth management, investment, retirement plan and outsourcing services to individuals, corporations and institutions, as well as to other banks, brokerage firms and insurance companies. Please visit www.reliance-trust.com for information on all of the company's programs and services.
SOURCE Reliance Financial Corporation