TD Bank Group (TSX:TD) has beefed up its British brokerage business with the acquisition of NatWest Stockbrokers Ltd.
The bank said Tuesday that it has purchased full control of NatWest Stockbrokers from National Westminster Bank plc.
Back in 2002, TD’s discount brokerage subsidiary in the UK, now called TD Direct Investing (Europe) Ltd., launched a joint venture with NatWest and Royal Bank of Scotland (which is NatWest’s parent company) to provide brokerage and clearing services under the NatWest Stockbrokers and RBS Direct Trader brands. Now, TD has acquired the remaining 50% of the joint venture. No price was disclosed on the deal.
“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 UK, and becoming a leading online broker in Europe.”
NatWest and TD Direct Investing said that they are committed to working together to ensure a smooth transition.