Reliance Financial Corporation to Acquire Citigroup Trust-Delaware, N.A.
ATLANTA, Jan. 23, 2013
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.
(Logo: http://photos.prnewswire.com/prnh/20130123/CL45004LOGO )
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
Contact: Chantel Shipe, +1-678-580-7183, email@example.com
Press spacebar to pause and continue. Press esc to stop.