Reliance Financial Corporation, the Atlanta, GA-based financial services and wealth management firm, has finalized its previously-announced acquisition of 100 per cent of the stock of Citigroup Trust-Delaware.

Reliance Financial has merged Citigroup Trust-Delaware into Reliance Trust Company of Delaware, opening new offices in Los Angeles, CA, Irving, TX, Phoenix, AZ, Palm Beach Gardens, FL, and Jersey City, NJ. Additional locations include its main office in Wilmington, DL, Atlanta, GA, and Charlotte, NC.  

The deal, first announced in January 2013, involves 2,500 accounts and $1.5 billion in assets under management. Financial terms remain undisclosed.

“This acquisition allows us to continue our focus on the institutional marketplace and will strengthen our competitive position as a leading national trustee,” said James Maxwell, chairman, chief executive 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,” he added.

For Citigroup, the firm said the move enables it to reduce non-core assets.

“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,” Paul James, CEO of Citi Private Bank's trust business, said previously.

He added: “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.”

Reliance Financial Corporation has over $118 billion in assets under management and administration.

The firm conducts business throughout the US through its trust companies, Reliance Trust Company and Reliance Trust Company of Delaware, as well as its other subsidiaries and affiliated offices.