Reliance Financial Corp., a privately held financial services and wealth management company, will acquire Citigroup Trust-Delaware, a subsidiary of Citibank, and fold it into Reliance Trust Co. of Delaware, the company announced today.
The acquisition involves approximately 3,000 accounts and $1.7 billion in assets under administration, which represent non-target-market business for Citi Private Banks trust business. The transaction is expected to close late in the first quarter, pending regulatory approval.
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