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The Royal Bank of Canada has announced it will be acquiring Brewin Dolphin for £1.bn, subject to regulatory approval.
"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," said RBC Group Head Doug Guzman.
"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. We look to continue investing in the combined business and take it to greater heights. We are confident that this acquisition will deliver benefits to our combined clients, employees and stakeholders.”
RBC CEO David Thomas (pictured top) added: “We look forward to welcoming Brewin Dolphin’s employees and clients and working together to leverage RBC’s global reach and significant capabilities to create new opportunities for the combined business to grow.”
Robin Beer, Chief Executive Officer of Brewin Dolphin, said: "The Brewin Dolphin Board is pleased to recommend the offer by RBC in the interests of our shareholders, our clients, our people and our business partners. Building on the strong organic growth that we have achieved to date, the combined businesses will create an attractive platform for future growth."
He added: "We share complementary values which emphasize the importance of long-standing client relationships and an inclusive culture supportive of employees and local communities. Our focus will be on maintaining continuity, so that we build on what we have already achieved.
"I am looking forward to us working together to enhance our market position as a leading advice-focused, digitally enabled wealth manager."
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