RBC completes £1.6bn Brewin Dolphin takeover deal. Credit: Frugal Flyer on Unsplash.

Royal Bank of Canada (RBC) has concluded its previously announced acquisition of British wealth manager Brewin Dolphin for £1.6bn.

Brewin Dolphin currently operates over 30 regional offices and employs more than 2,100 people.

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With the completion of the acquisition, Brewin Dolphin has been renamed as RBC Brewin Dolphin. The firm will continue to be headed by its CEO Robin Beer.

Both RBC Wealth Management International and RBC Brewin Dolphin will operate as separate entities until integration is completed in the next few months.

The deal creates one of the biggest wealth managers in the UK, Channel Islands and Ireland with £58bn assets under management as of 31 August 2022.

The deal has been wrapped up shortly after RBC received final regulatory approval from Canada’s Office of the Superintendent of Financial Institutions early this month.

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RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services group head Doug Guzman said: “Bringing together these complementary teams will establish and secure RBC Wealth Management’s position as a leading wealth manager in the UK and Ireland, while also providing future growth opportunities in an attractive and consolidating market.

“This platform enhances our franchise’s global brand, scale and stability, as we strengthen our leading position across North America and now the UK.

“Most importantly, we are looking forward to bringing together two purpose-driven organisations with a shared commitment to doing what’s right for our clients, our communities and each other.”