Royal Bank of Canada and the National Life Group today announced completion of the sale of American Guaranty & Trust (AG&T), a member of the National Life Group, to Royal Bank. The terms of the transaction were not disclosed.

Based in Wilmington, Del., AG&T will continue to service more than US$1.3 billion in trust and investment accounts from existing clients, while also extending service to RBC clients through Global Private Banking and to RBC Dain Rauscher’s high net worth wealth management clients across the U.S.

RBC says is committed to expanding in global high growth businesses that complement its wealth management platform. The combined business will create growth and value for Royal Bank of Canada shareholders by enabling RBC Global Private Banking to provide U.S. trust solutions, complementing a well-established international trust capability.