Reliance Financial to buy Citigroup Trust Delaware
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 CitigroupTrust-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