TD Bank Buys Natwest Stockbrokers

Mark Shapland

9 July 2014

Canada headquartered 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.