Natwest Stockbrokers

Advised Natwest Stockbrokers on its partial sale to TD Waterhouse


Royal Bank of Scotland sold 50% of its UK stockbroking operation (NatWest Stockbrokers) to TD Waterhouse (TDW), the Canadian discount broker. TDW, one of Britain’s biggest execution-only retail stockbrokers, will provide and run the systems for RBoS’s retail banking customers to buy and sell shares.

The NatWest Stockbrokers (NWS) brand will remain under the terms of the new joint venture, while TDW will continue to offer share-dealing services for British investors under its existing brand.

NWS, which was established in 1986, handled more than 1m trades in 2001, making it the country’s third-biggest retail broker.


RBS benefit from TDW’s heavy investment in its UK trading platform, enabling it to focus on delivering quality services to it’s entire retail customer base.

TDW benefit from a significant increase in the number of clients using its platform.

Our Role

Advised RBS on the transaction.

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