RBC TO ACQUIRE UK WEALTH MANAGER BREWIN DOLPHIN FOR £1.6BN

Royal Bank of Canada has announced today that its agreed to buy British wealth management company, Brewin Dolphin.

Subject to regulatory and shareholder approval, RBC will purchase Brewin Dolphin for 515 pence per share, suggesting an equity value of approximately £1.6bn.

All Directors of Brewin Dolphin unanimously back the deal, which is expected to complete at the end of the third quarter of this year.

Brewin Dolphin currently has a network of more than 30 offices and assets under management of £59bn as of December 2021.  The acquisition will allow Brewin Dolphin to be able to provide clients with an extensive range of products and services and expand its distribution channels through RBC’s global presence.

Doug Guzman, head of RBC Wealth Management, said: “By combining two highly complementary businesses, we will increase the depth and breadth of our services and position the combined business as a premier integrated wealth management provider to private and institutional clients. Both management teams are excited by a shared vision of high quality client service, client-centric culture and the exceptional growth opportunities that we can deliver together”

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