Royal Bank of Canada announced that, subject to Brewin Dolphin Holdings PLC (“Brewin Dolphin”) shareholder approval and receipt of all regulatory approvals, RBC is acquiring Brewin Dolphin.
RBC Wealth Management (Jersey) Holdings Limited (“Bidco”), a wholly owned subsidiary of RBC, has published a Rule 2.7 announcement in the UK under the City Code on Takeovers and Mergers, announcing its recommended cash offer for the entire issued and to be issued share capital of Brewin Dolphin for 515 pence per share, implying an equity value of approximately C$2.6bn (£1.6bn) on a fully diluted basis.
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Brewin Dolphin is one of the UK’s leading independent providers of discretionary wealth management in the UK and Ireland, with a network of more than 30 offices and Assets under Management of £59bn as at December 31, 2021. Brewin Dolphin has an impressive track record of growth and innovation and a longstanding record of delivering superior client service and robust investment performance.
Commenting on the acquisition, Doug Guzman, Group Head, RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services, said:
“The UK is a key growth market for RBC, and Brewin Dolphin provides us with an exceptional platform to significantly transform our wealth management business in the region, giving RBC Wealth Management a # 3 market position in the UK and Ireland, in addition to being a market leader in Canada, with a growing position in the United States. 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.
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.”
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 88,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization