Citigroup's private wealth management division has agreed to sell a trust bank subsidiary to Reliance Financial in Atlanta.

Reliance Trust of Delaware, a subsidiary of $113 billion-asset Reliance Financial, has agreed to acquire Citigroup Trust-Delaware, the companies said Wednesday in a press release. They expect the deal to close in the first quarter of the year, pending regulatory approvals. Once the deal closes, Reliance will merge the Citigroup book of business into its Delaware charter.

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