In the transaction, Reliance acquired 100% of the stock of Citigroup Trust-Delaware, a subsidiary of Citibank N.A., and opened five offices for Reliance Trust Company of Delaware in Los Angeles; Irving, Texas; Phoenix; Palm Beach Gardens, Florida; and Jersey City, New Jersey. Additional locations include: Wilmington, Delaware; Atlanta; and Charlotte, North Carolina. All 30 of Citigroup’s employees joined Reliance.
The transaction consisted of approximately 2,500 accounts and $1.5 billion in assets under administration, and positions Reliance as a national provider in the adviser-based fiduciary services market.
Reliance Financial Corporation is a privately held diversified financial services and wealth management company in Atlanta with more than $118 billion in assets under management and administration.
Reliance Trust Company of Delaware will offer 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.