Royal Bank of Canada and the National Life Group today announced that RBC will acquire American Guaranty & Trust (AG&T), a member of the National Life Group, pending regulatory approvals and other customary conditions. Terms of the transaction were not disclosed.

“The acquisition of AG&T allows RBC to provide U.S. trust solutions to high net worth clients, complementing our well-established international trust capability and rounding out our wealth management offering in North America and abroad,” said Michael Lagopoulos, president and CEO, RBC Global Private Banking, in a news release.

The acquisition, which is not material to RBC, is expected to be completed by September 29, pending regulatory approvals. With more than 30 employees based in Wilmington, Del., AG&T currently administers more than 1,000 personal trusts and holds more than $1.3 billion in trust and investment accounts for its clients.

As a result of the deal, Lee Cheney, currently AG&T president and CEO, will become the head of RBC’s U.S. trust business, reporting to Michael Moodie, head of RBC Global Private Banking in the U.S. and Caribbean.

“This acquisition builds on our growing presence in key U.S. markets and allows RBC to better deliver domestic, international or integrated planning solutions to our clients depending on what’s best for their needs,” Moodie said.

“We are very pleased with the prospects of this change and look forward to continuing our record of superb trust services to our clientele,” Cheney said. “We also believe that RBC presents us with exceptional growth opportunities.”

The acquisition extends RBC Financial Group’s growing U.S. financial services platform. “This deal demonstrates RBC’s commitment to expanding in global high growth businesses where we have significant competitive advantages. It also reinforces RBC’s commitment to strategically expand its businesses in the U.S.,” added Lagopoulos.