TD Banking Group has bought out Royal Bank of Scotland from its NatWest stockbroking arm after a 12-year joint venture.
The NatWest stockbroking service has previously been run by TD Direct Investing, whose parent held a 50 per cent stake in the business.
For the past 12 years TD has provided stockbroking services to the NatWest Stockbrokers and RBS Direct Trader platforms.
Today it announced it has bought the remaining half of the business for an undisclosed sum and will be migrating consenting clients from the NatWest platform to its own branded service over the next 90 days.
TD Wealth executive vice president Leo Salom says the buy shows his company’s commitment to stockbroking and providing investor services in the UK, as well as NatWest and RBS clients.
TD Direct Investing is one of the largest the UK’s largest execution-only broker, dealing with £7bn in cash and shares from about than 205,000 customers.
RBS products, personal and business banking managing director Moray McDonald says the bank aims to earn the trust of its customers by offering a better service.
“We believe this transaction will allow us to focus on the areas where we can deliver the best possible service,” he explains.
“TD Direct Investing will provide NatWest Stockbrokers’ customers with enhanced access to a broader product and service offering.”