M and A
TD Bank Buys Natwest Stockbrokers
Canada headquartered TD Bank Group has bought the whole of Natwest Stockbrokers Limited for an undisclosed fee.
Canada headquartered TD Bank Group has
bought the whole of Natwest Stockbrokers Limited for an
undisclosed fee.
TD - through its UK subsidiary TD Direct Investing - already
owned a 50 per cent stake in the broker but snapped up the other
half from National Westminster Bank after a 12 year joint venture
that provided stockbroking services to NatWest and Royal Bank of
Scotland customers.
"This purchase represents TD’s ongoing commitment to providing
market-leading stockbroking and investment services, building a
strong presence in the UK, and becoming a leading online broker
in Europe," said Leo Salom, executive vice president at TD
Wealth.
“We believe this transaction will allow us to focus on the areas
where we can deliver the best possible service,” said Moray
McDonald, managing director at RBS. “TD Direct Investing will
provide NatWest Stockbrokers' customers with enhanced access to a
broader product and service offering.”
TD Direct Investing is a UK execution-only broker, dealing with
£7 billion in cash and shares from about 205,000 customers.
