Reliance Financial Corp., a privately held financial services and wealth management company based in Atlanta, Ga., has acquired Citigroup Trust-Delaware, N.A., a subsidiary of Citibank, N.A.
Citigroup Trust-Delaware, N.A., will bring $1.5 billion in assets under management and 2,500 accounts to Reliance Trust Company of Delaware. The merger will add 30 new employees and five new offices to Reliance Trust. The new offices are in Los Angeles; Irving, Texas; Phoenix, Ariz.; Palm Beach Gardens, Fla.; and Jersey City, N.J.
“This acquisition allows us to continue our focus on the institutional marketplace and will strengthen our competitive position as a leading national trustee,” says James T. Maxwell, chairman, CEO and president of Reliance Financial Corporation.
Reliance Financial Corp. has $118 billion in assets under management and administration.