8th July 2014
TD Bank Group completes acquisition of remaining interest in NatWest Stockbrokers Limited from National Westminster Bank plc
TD Bank Group (TD) (TSX and NYSE: TD) today announced that it has completed the acquisition of the remaining interest in NatWest Stockbrokers Limited (Natwest Stockbrokers) from National Westminster Bank plc (NatWest). TD Direct Investing (Europe) Limited (TD Direct Investing), a U.K.-based share dealing and investing subsidiary of TD, has partnered with NatWest for the past 12 years to provide stockbroking services to NatWest and Royal Bank of Scotland (RBS) customers under the NatWest Stockbrokers and RBS Direct Trader brands.
"We're very pleased to acquire NatWest’s interest in NatWest Stockbrokers,” said Leo Salom, Executive Vice President, TD Wealth. "This purchase represents TD’s ongoing commitment to providing market-leading stockbroking and investment services, building a strong presence in the U.K., and becoming a leading online broker in Europe.”
“Our ambition is to deliver a bank that earns the trust of our customers by serving them better. 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, Products, Personal and Business Banking, RBS. “TD Direct Investing will provide NatWest Stockbrokers' customers with enhanced access to a broader product and service offering.”
“Our U.K. share dealing and investing business offers award-winning platform and account services. NatWest has been a great partner and we are looking forward to providing NatWest Stockbrokers’ customers with enhanced tools and legendary customer service under the TD Direct Investing brand,” said John Tracy, Senior Vice President, TD Direct Investing, TD Wealth (International).
NatWest and TD Direct Investing are committed to working together to ensure a smooth transition. Information was sent today to all NatWest Stockbrokers customers. Following a 90-day transition period, consenting customers' accounts will move to TD Direct Investing. In addition, customers with questions can visit the NatWest Stockbrokers website or the RBS Direct Trader website.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. TD is the sixth largest bank in North America by branches and serves over 22 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.) and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 8 million active online and mobile customers. TD had CDN$896 billion in assets on April 30, 2014. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About TD Direct Investing
TD Direct Investing is a U.K. share dealing and investing subsidiary of TD and is one of the U.K.’s leading execution-only brokers, servicing approximately 205,000 U.K. customers with £7 billion in customer assets (stocks and cash) under management as of April 30, 2014.
About National Westminster Bank plc
National Westminster Bank plc is a principal subsidiary of the Royal Bank of Scotland (RBS). RBS is an international banking and financial services company. From its headquarters in Edinburgh, the RBS operates in the United Kingdom, Europe, the Middle East, the Americas and Asia, serving over 30 million customers worldwide.
RBS provides a wide range of products and services to personal, commercial, large corporate and institutional customers through National Westminster Bank plc and The Royal Bank of Scotland plc, as well as through a number of other well-known brands including Citizens, Charter One, Ulster Bank and Coutts.
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