Toronto-Dominion Bank has taken a 50% stake in NatWest Personal Financial Management, the holding company for NatWest Stockbrokers, the Royal Bank of Scotland subsidiary.

Under the terms of the deal, the joint venture will retain the NatWest Stockbrokers name and will be based in Edinburgh. TD Waterhouse, the Canadian bank's execution-only retail share brokerage, will provide the operational and settlement platform for the venture.