Royal Bank of Canada to acquire Brewin Dolphin in £1.6bn deal

Royal Bank of Canada to acquire Brewin Dolphin in £1.6bn deal

Robin Beer

Wealth manager Brewin Dolphin, which has offices in Edinburgh, Glasgow, Aberdeen and Dundee, is to be acquired by the Royal Bank of Cadena (RBC) in a deal worth £1.6 billion.

Brewin Dolphin has recommended an offer to shareholders by subsidiary RBC Wealth Management.

In a stock market announcement, the two firms revealed that they had reached an agreement on the terms of a recommended all-cash offer, through which shareholders will be entitled to 515 pence per Brewin Dolphin share.

The deal values Brewin Dolphin at 2.8% of its £55bn assets under management, as of 28 February.

Robin Beer, chief executive officer of Brewin Dolphin, said: “Building on the strong organic growth that we have achieved to date, the combined business will create an attractive platform for future growth.

“As part of RBC we would be able to provide our clients with a broader range of products and services, and expand our distribution channels through leveraging RBC’s global presence.

“We share complementary values which emphasise 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.”

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